|Name: _________________________||Period: ___________________|
This test consists of 15 multiple choice questions and 5 short answer questions.
Multiple Choice Questions
1. How, according to the author, does the concept of private property come into existence?
(a) From Karl Marx.
(b) With capitalism.
(c) Through the Cultural Revolution.
(d) During feudalism.
2. Government regulations tend to be _______, meaning that they dictate a minimum standard of what cannot be done.
3. What is the abbreviation for the Aluminum Company of America?
4. What is another word for statism?
5. What kind of rights, according to the author, is the American system of government based on?
(a) Minority rights.
(b) Power rights.
(c) Individual rights.
(d) Majority rights.
6. What does the author believe brought the world out of feudalism?
(a) The Industrial Revolution.
(c) Free trade.
(d) Limited trade.
7. Intellectual property may end up in the public _____ but it does not become public property.
8. The author feels that the only way to make the industry responsive to the market is to make the airwaves what?
(a) Bought and sold.
(c) Private property.
9. What is the result of railroad subsidies by the government?
(a) Substandard construction.
(b) Rapid construction.
(c) Well-done construction.
(d) Massive construction.
10. What, according to the author, does the gold standard facilitate?
(a) Production and sales.
(b) Growth and sales.
(c) Trade and growth.
(d) Trade and production.
11. How does government regulation, according to the author, try to protect the consumer?
(a) Through patents and trademarks.
(b) Through elimination of competition.
(c) Through force and fear.
(d) Through quality control.
12. What do patents and copyright protect?
(a) Scientific knowledge.
(b) Intellectual property.
(c) Private property.
(d) Musical creations.
13. What type of businessmen does the author feel are persecuted?
(a) Foreign businessmen.
(b) American businessmen.
(c) Small businessmen.
(d) Local businessmen.
14. According to the author, what will cure economic problems quickest and best?
(b) The economy.
(d) Restrictions of trade.
15. Instead of reading the antitrust laws to decide if something is legal, people must read what?
(a) Delaware corporations code.
(b) Supreme Court decisions.
(d) Case law.
Short Answer Questions
1. What subject does Stewart Holbrook write about?
2. The government established by the Founding Fathers is based on theories that began with whom?
3. What is one of the keystones of capitalism?
4. Who is the author of the antitrust chapter?
5. What do political economists assume that man is working for?
This section contains 401 words
(approx. 2 pages at 300 words per page)