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

Multiple Choice Questions

1. What is the position held by the man who brings the airwaves under U.S. government control?
(a) Secretary of Commerce.
(b) Secretary of the Interior.
(c) Secretary of State.
(d) Secretary of Industry.

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

3. What does the author believe is the basic tool of business?
(a) Wages.
(b) Values.
(c) Labor.
(d) Land.

4. What does the author blame for crises and depressions in capitalism?
(a) Government interference.
(b) Cyclical economies.
(c) Allocation of resources.
(d) Bad choices.

5. Money functions as a __________ in transactions.
(a) Similar currency.
(b) Easy standard.
(c) Common denominator.
(d) National linkage.

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

7. During the Industrial Revolution, how do women earn income?
(a) In the brothels.
(b) By working from home.
(c) In the factories.
(d) In the streets.

8. Who are against war and the threat of nuclear weapons, according to the author?
(a) Activists.
(b) Governments.
(c) Peace proponents.
(d) Entire populations.

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

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

11. Who does the author say would earn more money than Einstein?
(a) Donna Mae.
(b) Karl Marx.
(c) Elvis Presley.
(d) Doris Day.

12. What is the name that the nobility, and the king, use to describe people who are considered property?
(a) Chartered.
(b) Cattle.
(c) Chargrin.
(d) Chattel.

13. The author believes that antitrust laws are a _______ ________________ of history.
(a) Factual representation.
(b) Gross misinterpretation.
(c) Failed experiement.
(d) Twisted understanding.

14. What are the two most common metals used as a medium of exchange?
(a) Gold and silver.
(b) Gold and tin.
(c) Gold and bronze.
(d) Gold and iron.

15. 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 100 years.
(c) The life of the originator plus 50 years.
(d) The life of the originator plus 75 years.

Short Answer Questions

1. The author believes that licensing the airwaves leads to what?

2. What is the name of the railroad company in California that holds a virtual monopoly?

3. During the Industrial Revolution, where do many children find jobs?

4. What do political economists assume that man is working for?

5. The author states that most wars are started by countries with what?

(see the answer keys)

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