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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. Money functions as a __________ in transactions.
(a) National linkage.
(b) Similar currency.
(c) Common denominator.
(d) Easy standard.

2. A fear of _______ leads to the passage of the first antitrust laws.
(a) Oligarchies.
(b) Conglomerates.
(c) Trusts.
(d) Monopolies.

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

4. What does the author believe is the basic tool of business?
(a) Land.
(b) Labor.
(c) Values.
(d) Wages.

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

Short Answer Questions

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

2. Competition, according to the author, is regulated by what market?

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

4. The Federal Reserve System was created when the government thought that what was happening?

5. In a free market, economic power is determined by what?

Short Essay Questions

1. How is banking controlled when the system is based on gold?

2. How does the existence of money help people?

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

4. What does capitalism do to the standard of living?

5. How are businessmen persecuted?

6. What are patents and copyrights?

7. How are some of the railroads not responsive to the market?

8. How does government regulation purport to protect the consumer?

9. How is intellectual property different than physical property?

10. How do most political economists approach their study of man?

(see the answer keys)

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