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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. The author believes that, in statism, businessmen are what?
(a) The elite.
(b) The politicians.
(c) The scapegoats.
(d) The taxpayers.

2. What is the name of the railroad company in California that holds a virtual monopoly?
(a) Western Pacific.
(b) Coastal Pacific.
(c) Main Pacific.
(d) Central Pacific.

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

4. To function as a medium of exchange, an item must be durable and what?
(a) Common.
(b) Plentiful.
(c) Scarce.
(d) Sturdy.

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

Short Answer Questions

1. Who is J.J. Hill?

2. What subject does Stewart Holbrook write about?

3. What is another word for statism?

4. How are the railroads subsidized?

5. When does the gold standard cease to exist?

(see the answer key)

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