View a FREE sample

This quiz consists of 5 multiple choice and 5 short answer questions through The Assault on Integrity.

Multiple Choice Questions

1. The term "evils of monopoly" refers to a situation in which the monopolist is completely ______ of the market.
(a) In control.
(b) Evasive.
(c) Independent.
(d) Demanding.

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

3. Who is the author of the "Gold and Economic Freedom" chapter?
(a) Alan Greenspan.
(b) Theodore Huffington.
(c) Marcus Bludger.
(d) Richard Fullerton.

4. When there are _____ ______, firms with good reputations are treated exactly like firms with bad reputations.
(a) Market incentives.
(b) Government regulations.
(c) Quality control.
(d) Customer services.

5. The author says the Industrial Revolution would never occur under what?
(a) Statism.
(b) Communism.
(c) A restrained-trade economy.
(d) A planned economy.

Short Answer Questions

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

2. How are the railroads subsidized?

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

4. What do political economists assume that man is working for?

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

(see the answer key)

This section contains 253 words (approx. 1 page at 300 words per page) View a FREE sample