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

Multiple Choice Questions

1. How does the author think the U.S. government does with creating property rights in airwaves?
(a) The author feels the government does a good job.
(b) The author feels the government succeeds.
(c) The author feels the government fails.
(d) The author feels the government needs to modify its approach.

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

3. To function as a medium of exchange, an item must be durable and what?
(a) Scarce.
(b) Common.
(c) Plentiful.
(d) Sturdy.

4. What is the first antitrust legislation?
(a) The Sherman Act.
(b) The Trump Act.
(c) The Taft Act.
(d) The Humphry Act.

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

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

7. The Federal Reserve System was created when the government thought that what was happening?
(a) A shortage of bank reserves.
(b) A depression.
(c) A shortage of interest reserves.
(d) A recession.

8. What is one of the keystones of capitalism?
(a) Thinking.
(b) Logic.
(c) Reason.
(d) Philosophy.

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

10. What is the result of railroad subsidies by the government?
(a) Substandard construction.
(b) Massive construction.
(c) Rapid construction.
(d) Well-done construction.

11. The author believes that licensing the airwaves leads to what?
(a) Censorship.
(b) Free speech.
(c) Protection of the airwaves.
(d) Protection of the consumer.

12. The author believes that unions serve a valuable service because they do what?
(a) Represent the worker to the employer.
(b) Raise the cost of production.
(c) Raise the benefits to the worker.
(d) Prevent the employer from firing the worker.

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

14. What does the author believe brought the world out of feudalism?
(a) Limited trade.
(b) Statism.
(c) The Industrial Revolution.
(d) Free trade.

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

Short Answer Questions

1. Money functions as a __________ in transactions.

2. Branden says that, according to the statists, depressions are part of what?

3. What does the author blame for crises and depressions in capitalism?

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

5. The Aluminum Company of America is a monopoly in the sense that it has control over what?

(see the answer keys)

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