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

Multiple Choice Questions

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

2. The author believes that businessmen take the blame for what?
(a) Capitalism.
(b) Depressions.
(c) Government actions.
(d) Recessions.

3. The power of the railroads, according to the author, comes from where?
(a) The government.
(b) The market.
(c) The economy.
(d) The subsidies.

4. The term "evils of monopoly" refers to a situation in which the monopolist is completely ______ of the market.
(a) Independent.
(b) Demanding.
(c) Evasive.
(d) In control.

5. During the Industrial Revolution, where do many children find jobs?
(a) In factories.
(b) In homes.
(c) In restaurants.
(d) In stores.

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

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

8. What does political economy study?
(a) How economic resources are used.
(b) How scarce resources are used.
(c) How all resources are used.
(d) How capital resources are used.

9. When does the gold standard cease to exist?
(a) At the beginning of World War II.
(b) At the end of World War II.
(c) At the end of World War I.
(d) At the beginning of World War I.

10. The Aluminum Company of America holds a position as the only producer of what?
(a) Aluminum alloy.
(b) Tin-aluminum.
(c) Primary aluminum.
(d) Secondary aluminum.

11. What is the abbreviation for the Aluminum Company of America?
(a) ALCA.
(b) ACOA.
(c) ALCOA.
(d) ALCOOA.

12. The existence of money promotes the division of what?
(a) Economic classes.
(b) Specialties.
(c) Social classes.
(d) Labor.

13. The author compares statism to what kind of rule?
(a) Mob rule.
(b) Elitist rule.
(c) Dictator rule.
(d) Gang rule.

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

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

Short Answer Questions

1. According to classical economics, what is the basis of competition?

2. Who does the author say would earn more money than Einstein?

3. According to the author, statism is often linked to what other "ism"?

4. What is the name of the theory that states that good is embodied in various actions regardless of benefits and consequences?

5. What are ALCOA, General Electric and other companies said to be engaged in that cause them to be sued under the antitrust laws?

(see the answer keys)

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