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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. According to classical economics, what is the basis of competition?
(a) Producing and selling for profit.
(b) Producing and selling in a down market.
(c) Producing and selling in a regulated system.
(d) Producing and selling as much as possible.

2. Railroads are built using government money, and what happens to many of them?
(a) They abuse their workers.
(b) They go bankrupt.
(c) They repay the investors.
(d) They prosper.

3. What right does the author believe is basic to the concept of freedom?
(a) Property rights.
(b) Familial rights.
(c) Self-governance rights.
(d) Human rights.

4. What chapter does Nathaniel Branden write?
(a) "Common Fallacies About Capitalism."
(b) "Common Truths About Capitalism."
(c) "Antitrust."
(d) "Monopolies and Trade."

5. What is one of the keystones of capitalism?
(a) Thinking.
(b) Logic.
(c) Reason.
(d) Philosophy.

Short Answer Questions

1. The most successful railroads, according to the author, do what?

2. Who are against war and the threat of nuclear weapons, according to the author?

3. What is the name of the railroad company in California that holds a virtual monopoly?

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

5. One cost of union negotiated wages, according to the author, is what?

Short Essay Questions

1. What are patents and copyrights?

2. How does a government protect its citizens?

3. How are businessmen persecuted?

4. How does the existence of money help people?

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

6. What are pre-capitalist societies based on?

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

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

9. Why do capital markets affect prices?

10. What do the peace proponents believe about force?

(see the answer keys)

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