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

Multiple Choice Questions

1. Railroads are built using government money, and what happens to many of them?
(a) They repay the investors.
(b) They abuse their workers.
(c) They go bankrupt.
(d) They prosper.

2. What is another word for statism?
(a) Communism.
(b) Concernism.
(c) Connectivism.
(d) Collectivism.

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

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

5. The existence of money allows people to avoid the problems of ______.
(a) Credit.
(b) Savings.
(c) Barter.
(d) Interest.

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

7. In a free market, economic power is determined by what?
(a) Price and wages.
(b) Inflation.
(c) Surplus.
(d) Supply and demand.

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

9. Who is the author of the antitrust chapter?
(a) Alex Greenspan.
(b) Alan Greenspan.
(c) Arnold Greenspan.
(d) Arnod Greenspan.

10. Branden says that, according to the statists, depressions are part of what?
(a) Government-controlled systems.
(b) Free-market enterprises.
(c) Laissez-faire capitalism.
(d) Economic cycles.

11. How many keystones are there to capitalism?
(a) Five.
(b) Seven.
(c) Four.
(d) Six .

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

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

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

15. When there is protection of the consumer by the government, it lessens the efforts of the firm to provide protection through ________.
(a) Incentive.
(b) Reputation.
(c) Demand.
(d) Sales.

Short Answer Questions

1. When there are _____ ______, firms with good reputations are treated exactly like firms with bad reputations.

2. The author believes that unions serve a valuable service because they do what?

3. What is the first antitrust legislation?

4. Who is the author of the "Gold and Economic Freedom" chapter?

5. What type of businessmen does the author feel are persecuted?

(see the answer keys)

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