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

Multiple Choice Questions

1. Who brings the airwaves under U.S. government control?
(a) Eisenhower.
(b) Herbert Hoover.
(c) Grossman.
(d) FDR.

2. Government regulations tend to be _______, meaning that they dictate a minimum standard of what cannot be done.
(a) Negative.
(b) Extreme.
(c) Convoluted.
(d) Limited.

3. Who is the author of this book?
(a) Anna Rand.
(b) Annabelle Rand.
(c) Ayn Rand.
(d) Alena Rand.

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

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

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

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

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

9. One cost of union negotiated wages, according to the author, is what?
(a) Mobility of employment.
(b) Unemployment.
(c) Investment in employment.
(d) Full employment.

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

11. What do political economists assume that man is working for?
(a) The betterment of his situation.
(b) The good of his family.
(c) The betterment of himelf.
(d) The good of society.

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

13. What subject does Stewart Holbrook write about?
(a) Government assistance to the railroads.
(b) Corruption in the railroads.
(c) Railroad monopolies.
(d) Failure of the railroads.

14. How does government regulation, according to the author, try to protect the consumer?
(a) Through patents and trademarks.
(b) Through force and fear.
(c) Through elimination of competition.
(d) Through quality control.

15. Patents apply to what?
(a) Theoretical knowledge.
(b) Personal information.
(c) Land.
(d) Inventions.

Short Answer Questions

1. According to Rand, what must the individual be willing to do in a capitalist society?

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

3. Who is the author of the antitrust chapter?

4. The author believes that businessmen take the blame for what?

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

(see the answer keys)

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