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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. Who is J.J. Hill?
(a) A government regulator.
(b) A government official.
(c) A businessman.
(d) A developer.

2. The Federal Reserve System was created when the government thought that what was happening?
(a) A shortage of bank reserves.
(b) A recession.
(c) A shortage of interest reserves.
(d) A depression.

3. What is one function of money?
(a) A means of saving.
(b) A means of accounting.
(c) A means of processing.
(d) A means of wealth.

4. What is one of the negatives that political power uses?
(a) Regulation.
(b) Restrictions.
(c) Taxes.
(d) Threat of imprisonment.

5. 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.

Short Answer Questions

1. What thrives on free trade, according to the author?

2. What do the courts protect?

3. What does the author believe is the basic tool of the bureaucrat?

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

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

(see the answer key)

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