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

Multiple Choice Questions

1. What helps pull the U.S. out of the Great Depression?
(a) The New Deal.
(b) Free trade.
(c) World War II.
(d) An economic expansion.

2. What is the name of the theory that states that good is embodied in various actions regardless of benefits and consequences?
(a) The subjectivist theory.
(b) The implication theory.
(c) The intrinsic theory.
(d) The adherence theory.

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

4. When the investors realize they have a problem and they all try to get out of the market, what results?
(a) Panic buying.
(b) Staying put.
(c) Panic selling.
(d) Pulling capital.

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

6. The first labor laws aimed at children target those working as what?
(a) Cooks and servers.
(b) Chimney sweeps.
(c) Cleaners.
(d) Factory help.

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

8. The Aluminum Company of America holds a position as the only producer of what?
(a) Primary aluminum.
(b) Tin-aluminum.
(c) Aluminum alloy.
(d) Secondary aluminum.

9. According to Rand, what must the individual be willing to do in a capitalist society?
(a) Sacrifice for the common good.
(b) Sacrifice for the government.
(c) Sacrifice for monopolies.
(d) Sacrifice for money.

10. The first labor laws aimed at children are enacted in what year?
(a) 1808.
(b) 1798.
(c) 1788.
(d) 1818.

11. According to Rand, capitalism is based on what?
(a) Altruistic principles.
(b) Government interference.
(c) Open borders.
(d) Self-motivation.

12. What is the abbreviation for the Aluminum Company of America?
(a) ALCOOA.
(b) ACOA.
(c) ALCA.
(d) ALCOA.

13. How is man viewed in tribal European culture?
(a) As free of the whole.
(b) As subjected to the will of the whole.
(c) As independent of the whole.
(d) As part of the whole.

14. The author states that most wars are started by countries with what?
(a) Controlled economies.
(b) Fair trade.
(c) Restrained trade.
(d) Restricted economies.

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

Short Answer Questions

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

2. The bloodiest conflicts in history have been _______ _______.

3. What do patents and copyright protect?

4. In a free market, economic power is determined by what?

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

(see the answer keys)

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