|Name: _________________________||Period: ___________________|
This test consists of 15 multiple choice questions and 5 short answer questions.
Multiple Choice Questions
1. Who is J.J. Hill?
(a) A government official.
(b) A businessman.
(c) A government regulator.
(d) A developer.
2. Intellectual property may end up in the public _____ but it does not become public property.
3. How long do copyrights last in the United Kingdom?
(a) The life of the originator plus 75 years.
(b) The life of the originator plus 25 years.
(c) The life of the originator plus 100 years.
(d) The life of the originator plus 50 years.
4. The author states that most wars are started by countries with what?
(a) Fair trade.
(b) Restricted economies.
(c) Controlled economies.
(d) Restrained trade.
5. The Federal Reserve System was created when the government thought that what was happening?
(a) A shortage of bank reserves.
(b) A recession.
(c) A shortage of interest reserves.
(d) A depression.
6. What is the goal of the creation of the Federal Reserve System?
(a) To create a national savings account.
(b) To ease temporary reserve shortages.
(c) To create a spending account for the military.
(d) To limit the amount of currency in circulation.
7. What is trade without any barriers known as?
(a) Expansionist trade.
(b) Free trade.
(c) Limited trade.
(d) Capitalist trade.
8. During the Industrial Revolution, how do women earn income?
(a) In the factories.
(b) In the streets.
(c) In the brothels.
(d) By working from home.
9. The author believes that businessmen take the blame for what?
(d) Government actions.
10. Government regulations tend to be _______, meaning that they dictate a minimum standard of what cannot be done.
11. Antitrust laws are written in the popular belief that if businesses were left free, what would result?
(a) Excessive power.
(b) Absolute power.
(c) Diminshed power.
(d) Arbitrary power.
12. What does the author believe is the basic tool of the bureaucrat?
13. The author believes that as long as capital can flow freely, it will flow where?
(a) To where it is needed the most.
(b) To the situation that is best for society.
(c) To the situation that is best for mankind.
(d) To where it earns the highest rate of return.
14. According to classical economics, what is the basis of competition?
(a) Producing and selling in a down market.
(b) Producing and selling as much as possible.
(c) Producing and selling in a regulated system.
(d) Producing and selling for profit.
15. According to Rand, what must the individual be willing to do in a capitalist society?
(a) Sacrifice for money.
(b) Sacrifice for the government.
(c) Sacrifice for monopolies.
(d) Sacrifice for the common good.
Short Answer Questions
1. Instead of reading the antitrust laws to decide if something is legal, people must read what?
2. What does the author believe brought the world out of feudalism?
3. During the Industrial Revolution, where do many children find jobs?
4. A fear of _______ leads to the passage of the first antitrust laws.
5. What is the first antitrust legislation?
This section contains 482 words
(approx. 2 pages at 300 words per page)