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

Multiple Choice Questions

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

2. The existence of money allows people to avoid the problems of ______.
(a) Credit.
(b) Savings.
(c) Barter.
(d) Interest.

3. What does statism survive on, according to the author?
(a) Trade.
(b) Peace.
(c) War.
(d) Expansion.

4. Who is the author of the "Gold and Economic Freedom" chapter?
(a) Richard Fullerton.
(b) Alan Greenspan.
(c) Marcus Bludger.
(d) Theodore Huffington.

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

6. How are the railroads subsidized?
(a) Tax deductions.
(b) Research-and-development deductions.
(c) Payments.
(d) Land grants.

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

8. What, according to the author, does the gold standard facilitate?
(a) Production and sales.
(b) Trade and production.
(c) Trade and growth.
(d) Growth and sales.

9. The bloodiest conflicts in history have been _______ _______.
(a) Local wars.
(b) World wars.
(c) Area wars.
(d) Civil wars.

10. The author believes that capitalism cannot function with what?
(a) Uneducated workers.
(b) Subservience.
(c) Slaves.
(d) Individual rights.

11. According to the author, in statism, who owns the members of the tribe?
(a) The elite.
(b) The tribe.
(c) The masses.
(d) The elders.

12. What right does the government have that a private organization does not?
(a) The right to own property.
(b) The right to sue.
(c) The right to negotiate.
(d) The right to use force.

13. The Aluminum Company of America is a monopoly in the sense that it has control over what?
(a) Its price.
(b) Its suppliers.
(c) Its independence.
(d) Its sellers.

14. The results of intellectual property may be ______, but the intellectual property itself may not be.
(a) Retained.
(b) Reclaimed.
(c) Transferred.
(d) Discovered.

15. What does Greenspan claim is the best protection for the consumer?
(a) A controlled economy.
(b) Government regulation.
(c) The profits of businessmen.
(d) Independent agencies.

Short Answer Questions

1. Competition, according to the author, is regulated by what market?

2. What does the term "evils of monopoly" refer to?

3. Who is the author of this book?

4. The government established by the Founding Fathers is based on theories that began with whom?

5. What is the first antitrust legislation?

(see the answer keys)

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