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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. What is the goal of the creation of the Federal Reserve System?
(a) To ease temporary reserve shortages.
(b) To create a spending account for the military.
(c) To create a national savings account.
(d) To limit the amount of currency in circulation.

2. The author compares statism to what kind of rule?
(a) Mob rule.
(b) Dictator rule.
(c) Elitist rule.
(d) Gang rule.

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

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

5. Which British civil servant says the U.S. antitrust laws cannot be understood?
(a) A.D. Brookings.
(b) A.D. Foster.
(c) A.D. Gershwin.
(d) A.D. Neale.

Short Answer Questions

1. What is another word for statism?

2. The author states that most wars are started by countries with what?

3. What are the two most common metals used as a medium of exchange?

4. Who is the author of the antitrust chapter?

5. In a gold-standard system, gold will flow from a low-interest-rate country to where?

(see the answer key)

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