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This test consists of 5 multiple choice questions, 5 short answer questions, and 10 short essay questions.

Multiple Choice Questions

1. What does the author blame for crises and depressions in capitalism?
(a) Cyclical economies.
(b) Bad choices.
(c) Government interference.
(d) Allocation of resources.

2. What do patents and copyright protect?
(a) Musical creations.
(b) Intellectual property.
(c) Scientific knowledge.
(d) Private property.

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

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

5. What is the goal of the creation of the Federal Reserve System?
(a) To create a national savings account.
(b) To limit the amount of currency in circulation.
(c) To create a spending account for the military.
(d) To ease temporary reserve shortages.

Short Answer Questions

1. How many keystones are there to capitalism?

2. Who is the author of the antitrust chapter?

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

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

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

Short Essay Questions

1. How does gold flow through the international system?

2. What does Branden claim is a fallacy of Marxism?

3. What are pre-capitalist societies based on?

4. What does the author believe happens if a nation doesn't respect the rights of its citizens?

5. What is the gold standard?

6. What role do land grants play in railroad construction?

7. What does Greenspan think of U.S. antitrust laws?

8. How are businessmen persecuted?

9. What does Branden believe causes depressions?

10. What is the Homestead Act?

(see the answer keys)

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