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

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

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

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

5. The Federal Reserve System was created when the government thought that what was happening?
(a) A depression.
(b) A shortage of interest reserves.
(c) A recession.
(d) A shortage of bank reserves.

Short Answer Questions

1. What does the author believe is the basic tool of business?

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

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

4. Railroads are built using government money, and what happens to many of them?

5. Who is the author of the antitrust chapter?

Short Essay Questions

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

2. What is a coercive monopoly?

3. How does government involvement help cause the Great Depression?

4. How is intellectual property different than physical property?

5. How does gold flow through the international system?

6. According to the author, how is science collapsing?

7. What is the study of political economy?

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

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

10. What does the author believe about the disintegration of philosophy?

(see the answer keys)

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