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

2. What are ALCOA, General Electric and other companies said to be engaged in that cause them to be sued under the antitrust laws?
(a) Layoffs.
(b) Labor abuse.
(c) Mergers and acquisitions.
(d) Price fixing.

3. What subject does Stewart Holbrook write about?
(a) Corruption in the railroads.
(b) Government assistance to the railroads.
(c) Failure of the railroads.
(d) Railroad monopolies.

4. What kind of rights, according to the author, is the American system of government based on?
(a) Power rights.
(b) Individual rights.
(c) Majority rights.
(d) Minority rights.

5. Who does Algeria fight for independence?
(a) Germany.
(b) Britain.
(c) France.
(d) Spain.

Short Answer Questions

1. When does the gold standard cease to exist?

2. What is one of the keystones of capitalism?

3. Intellectual property may end up in the public _____ but it does not become public property.

4. To function as a medium of exchange, an item must be durable and what?

5. What is the name of the railroad company in California that holds a virtual monopoly?

Short Essay Questions

1. How does a government protect its citizens?

2. What is the gold standard?

3. How does government involvement help cause the Great Depression?

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

5. What is the Homestead Act?

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

7. How does gold flow through the international system?

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

9. What are patents and copyrights?

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

(see the answer keys)

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