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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. To function as a medium of exchange, an item must be durable and what?
(a) Scarce.
(b) Plentiful.
(c) Sturdy.
(d) Common.

2. 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) Labor abuse.
(d) Mergers and acquisitions.

3. What is the name of the railroad company in California that holds a virtual monopoly?
(a) Main Pacific.
(b) Central Pacific.
(c) Coastal Pacific.
(d) Western Pacific.

4. Who is J.J. Hill?
(a) A government official.
(b) A businessman.
(c) A developer.
(d) A government regulator.

5. According to Rand, capitalism is based on what?
(a) Self-motivation.
(b) Open borders.
(c) Government interference.
(d) Altruistic principles.

Short Answer Questions

1. What is the goal of the creation of the Federal Reserve System?

2. What, according to the author, does the gold standard facilitate?

3. The results of intellectual property may be ______, but the intellectual property itself may not be.

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

5. What is the name of the theory that states that good is embodied in various actions regardless of benefits and consequences?

Short Essay Questions

1. What are pre-capitalist societies based on?

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

3. How does gold flow through the international system?

4. Why do capital markets affect prices?

5. How does a government protect its citizens?

6. How would the consumer be protected in a true capitalist market?

7. What do the peace proponents believe about force?

8. What are the first labor laws concerning children about?

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

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

(see the answer keys)

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