Capitalism, the Unknown Ideal Test | Mid-Book Test - Medium

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This test consists of 5 multiple choice questions, 5 short answer questions, and 10 short essay questions.

Multiple Choice Questions

1. What does the author believe is the basic tool of business?
(a) Land.
(b) Values.
(c) Labor.
(d) Wages.

2. According to the author, what is the cause of the Great Depression?
(a) Government intervention.
(b) Isolationist policies.
(c) Capitalism.
(d) Communism.

3. Money functions as a __________ in transactions.
(a) Similar currency.
(b) Common denominator.
(c) National linkage.
(d) Easy standard.

4. What is the name of the theory that states that good is embodied in various actions regardless of benefits and consequences?
(a) The subjectivist theory.
(b) The adherence theory.
(c) The implication theory.
(d) The intrinsic theory.

5. How does the author think the U.S. government does with creating property rights in airwaves?
(a) The author feels the government needs to modify its approach.
(b) The author feels the government does a good job.
(c) The author feels the government fails.
(d) The author feels the government succeeds.

Short Answer Questions

1. Government regulations tend to be _______, meaning that they dictate a minimum standard of what cannot be done.

2. Who does the author say would earn more money than Einstein?

3. The bloodiest conflicts in history have been _______ _______.

4. During the Industrial Revolution, where do many children find jobs?

5. Competition, according to the author, is regulated by what market?

Short Essay Questions

1. What problems do the airwaves run into in the beginning of radio?

2. What is the Homestead Act?

3. How would the consumer be protected in a true capitalist market?

4. How are some of the railroads not responsive to the market?

5. How are businessmen persecuted?

6. What role do land grants play in railroad construction?

7. How do most political economists approach their study of man?

8. What are pre-capitalist societies based on?

9. What do the businessmen take the blame for in the case of the Central Pacific Railroad?

10. What does the author believe happens if a nation doesn't respect the rights of its citizens?

(see the answer keys)

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