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. The existence of money allows people to avoid the problems of ______.
(a) Interest.
(b) Barter.
(c) Savings.
(d) Credit.

2. The power of the railroads, according to the author, comes from where?
(a) The subsidies.
(b) The government.
(c) The market.
(d) The economy.

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

4. The results of intellectual property may be ______, but the intellectual property itself may not be.
(a) Retained.
(b) Discovered.
(c) Reclaimed.
(d) Transferred.

5. The author feels that the only way to make the industry responsive to the market is to make the airwaves what?
(a) Private property.
(b) Industry-controlled.
(c) Bought and sold.
(d) Free.

Short Answer Questions

1. The Federal Reserve System was created when the government thought that what was happening?

2. The first labor laws aimed at children are enacted in what year?

3. Antitrust laws are written in the popular belief that if businesses were left free, what would result?

4. What is the position held by the man who brings the airwaves under U.S. government control?

5. When the investors realize they have a problem and they all try to get out of the market, what results?

Short Essay Questions

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

2. What does capitalism do to the standard of living?

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

4. What is the study of political economy?

5. What does Greenspan think of U.S. antitrust laws?

6. What does Branden claim is a fallacy of Marxism?

7. What is the gold standard?

8. How does a government protect its citizens?

9. What is the concept of man that underlies statism?

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

(see the answer keys)

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