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This quiz consists of 5 multiple choice and 5 short answer questions through Notes on the History of American Free Enterprise.

Multiple Choice Questions

1. Competition, according to the author, is regulated by what market?
(a) Securities market.
(b) Growth market.
(c) Capital market.
(d) Stock market.

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

3. According to classical economics, what is the basis of competition?
(a) Producing and selling as much as possible.
(b) Producing and selling in a down market.
(c) Producing and selling in a regulated system.
(d) Producing and selling for profit.

4. The author believes that businessmen take the blame for what?
(a) Capitalism.
(b) Depressions.
(c) Recessions.
(d) Government actions.

5. What is the result of railroad subsidies by the government?
(a) Substandard construction.
(b) Rapid construction.
(c) Well-done construction.
(d) Massive construction.

Short Answer Questions

1. The Aluminum Company of America holds a position as the only producer of what?

2. The most successful railroads, according to the author, do what?

3. What does statism survive on, according to the author?

4. How are the railroads subsidized?

5. What does the author believe is the basic tool of business?

(see the answer key)

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