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This test consists of 5 short answer questions, 10 short essay questions, and 1 (of 3) essay topics.

Short Answer Questions

1. The term "evils of monopoly" refers to a situation in which the monopolist is completely ______ of the market.

2. What do patents and copyright protect?

3. When there are _____ ______, firms with good reputations are treated exactly like firms with bad reputations.

4. Who is the author of the antitrust chapter?

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

Short Essay Questions

1. What is the study of political economy?

2. What is the gold standard?

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

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

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

6. Why do capital markets affect prices?

7. How does Alan Greenspan describe a business world with antitrust laws?

8. What does the author believe about the disintegration of philosophy?

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

10. What do the peace proponents believe about force?

Essay Topics

Write an essay for ONE of the following topics:

Essay Topic 1

Based on the information presented in the book, do you think that Rand is a conservative or a liberal? Why? Use examples from the book to support your answer.

Essay Topic 2

What are some common fallacies about capitalism, and how do the common fallacies affect capitalism? Use examples from the text to support your answer.

Essay Topic 3

There are several mentions of why noncapitalist countries that do not like capitalism. What are the reasons the authors give for noncapitalist nations hating and condemning capitalism? Are these reasons logical and rational based on the theories of capitalism presented in the book? Support your answer with examples from the book.

(see the answer keys)

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