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This test consists of 15 multiple choice questions and 5 short answer questions.

Multiple Choice Questions

1. Who is the author of the antitrust chapter?
(a) Arnod Greenspan.
(b) Alan Greenspan.
(c) Alex Greenspan.
(d) Arnold Greenspan.

2. Copyrights apply to what?
(a) Actual locations.
(b) Physical items.
(c) Ideas.
(d) Medicines.

3. According to the author, statism is often linked to what other "ism"?
(a) Conservatism.
(b) Republicanism.
(c) Militarism.
(d) Liberalism.

4. The existence of money promotes the division of what?
(a) Economic classes.
(b) Specialties.
(c) Social classes.
(d) Labor.

5. What do patents and copyright protect?
(a) Private property.
(b) Musical creations.
(c) Intellectual property.
(d) Scientific knowledge.

6. The author feels that the only way to make the industry responsive to the market is to make the airwaves what?
(a) Private property.
(b) Free.
(c) Industry-controlled.
(d) Bought and sold.

7. The most successful railroads, according to the author, do what?
(a) Never receive financial aid from the government.
(b) Allow the government to completely fund the projects.
(c) Take a lot of financial aid from the government.
(d) Repay their financial aid from the government.

8. What does the author believe is the basic tool of the bureaucrat?
(a) Fear.
(b) Disrespect.
(c) Loathing.
(d) Immorality.

9. Branden says that, according to the statists, depressions are part of what?
(a) Laissez-faire capitalism.
(b) Free-market enterprises.
(c) Economic cycles.
(d) Government-controlled systems.

10. According to the author, what is the cause of the Great Depression?
(a) Capitalism.
(b) Government intervention.
(c) Isolationist policies.
(d) Communism.

11. How many keystones are there to capitalism?
(a) Four.
(b) Five.
(c) Six .
(d) Seven.

12. What is trade without any barriers known as?
(a) Free trade.
(b) Capitalist trade.
(c) Expansionist trade.
(d) Limited trade.

13. How long do copyrights last in the United Kingdom?
(a) The life of the originator plus 75 years.
(b) The life of the originator plus 100 years.
(c) The life of the originator plus 25 years.
(d) The life of the originator plus 50 years.

14. 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.

15. Branden says that public education is not a ______ _______ because it must be paid for.
(a) Absolute right.
(b) Mandatory requirement.
(c) Essential element.
(d) Free gift.

Short Answer Questions

1. According to classical economics, what is the basis of competition?

2. What is the abbreviation for the Aluminum Company of America?

3. When the investors realize they have a problem and they all try to get out of the market, what results?

4. What is one example, according to the author, of how property rights can be established?

5. The results of intellectual property may be ______, but the intellectual property itself may not be.

(see the answer keys)

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