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) Labor.
(b) Wages.
(c) Values.
(d) Land.

2. The Federal Reserve System was created when the government thought that what was happening?
(a) A depression.
(b) A shortage of interest reserves.
(c) A recession.
(d) A shortage of bank reserves.

3. How is man viewed in tribal European culture?
(a) As independent of the whole.
(b) As free of the whole.
(c) As subjected to the will of the whole.
(d) As part of the whole.

4. What are the two most common metals used as a medium of exchange?
(a) Gold and iron.
(b) Gold and silver.
(c) Gold and tin.
(d) Gold and bronze.

5. Government regulations tend to be _______, meaning that they dictate a minimum standard of what cannot be done.
(a) Negative.
(b) Convoluted.
(c) Extreme.
(d) Limited.

Short Answer Questions

1. What is trade without any barriers known as?

2. When there is protection of the consumer by the government, it lessens the efforts of the firm to provide protection through ________.

3. The author believes that capitalism cannot function with what?

4. The Aluminum Company of America is a monopoly in the sense that it has control over what?

5. The existence of money promotes the division of what?

Short Essay Questions

1. How does the existence of money help people?

2. What does A.D. Neale think about U.S. antitrust laws?

3. What are the first labor laws concerning children about?

4. What are pre-capitalist societies based on?

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

6. How does a government protect its citizens?

7. What are the first labor laws concerning factories about?

8. How is intellectual property different than physical property?

9. How does government regulation purport to protect the consumer?

10. How is banking controlled when the system is based on gold?

(see the answer keys)

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