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

Multiple Choice Questions

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

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

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

4. According to the author, what will cure economic problems quickest and best?
(a) Government.
(b) Protectionism.
(c) Restrictions of trade.
(d) The economy.

5. What are ALCOA, General Electric and other companies said to be engaged in that cause them to be sued under the antitrust laws?
(a) Layoffs.
(b) Price fixing.
(c) Mergers and acquisitions.
(d) Labor abuse.

6. What thrives on free trade, according to the author?
(a) Democracy.
(b) Liberty.
(c) Capitalism.
(d) Parliamentary systems.

7. How does government regulation, according to the author, try to protect the consumer?
(a) Through elimination of competition.
(b) Through quality control.
(c) Through patents and trademarks.
(d) Through force and fear.

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

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

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

11. The bloodiest conflicts in history have been _______ _______.
(a) Area wars.
(b) Local wars.
(c) World wars.
(d) Civil wars.

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

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

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

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

Short Answer Questions

1. Who writes the chapter entitled "The Effects of the industrial Revolution on Women and Children"?

2. The author says the Industrial Revolution would never occur under what?

3. What is one of the keystones of capitalism?

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

5. What does the author believe is the basic tool of the bureaucrat?

(see the answer keys)

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