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

Multiple Choice Questions

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

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

3. When there are _____ ______, firms with good reputations are treated exactly like firms with bad reputations.
(a) Government regulations.
(b) Market incentives.
(c) Quality control.
(d) Customer services.

4. Who does Algeria fight for independence?
(a) Germany.
(b) Britain.
(c) Spain.
(d) France.

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

6. A fear of _______ leads to the passage of the first antitrust laws.
(a) Monopolies.
(b) Conglomerates.
(c) Trusts.
(d) Oligarchies.

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

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

9. What is the name of the railroad company in California that holds a virtual monopoly?
(a) Main Pacific.
(b) Coastal Pacific.
(c) Central Pacific.
(d) Western Pacific.

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

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

12. Who is J.J. Hill?
(a) A government regulator.
(b) A businessman.
(c) A developer.
(d) A government official.

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

14. The author says the Industrial Revolution would never occur under what?
(a) Statism.
(b) Communism.
(c) A planned economy.
(d) A restrained-trade economy.

15. Competition, according to the author, is regulated by what market?
(a) Securities market.
(b) Growth market.
(c) Capital market.
(d) Stock market.

Short Answer Questions

1. According to the author, what is the cause of the Great Depression?

2. Antitrust laws are written in the popular belief that if businesses were left free, what would result?

3. What does the author believe brought the world out of feudalism?

4. Intellectual property may end up in the public _____ but it does not become public property.

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

(see the answer keys)

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