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This test consists of 15 multiple choice questions and 5 short answer questions.

Multiple Choice Questions

1. Patents apply to what?
(a) Personal information.
(b) Inventions.
(c) Land.
(d) Theoretical knowledge.

2. Who does Algeria fight for independence?
(a) Germany.
(b) France.
(c) Britain.
(d) Spain.

3. How does government regulation, according to the author, try to protect the consumer?
(a) Through force and fear.
(b) Through elimination of competition.
(c) Through patents and trademarks.
(d) Through quality control.

4. What do patents and copyright protect?
(a) Private property.
(b) Musical creations.
(c) Scientific knowledge.
(d) Intellectual property.

5. What is the name that the nobility, and the king, use to describe people who are considered property?
(a) Chattel.
(b) Cattle.
(c) Chargrin.
(d) Chartered.

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

7. What is one of the negatives that political power uses?
(a) Taxes.
(b) Regulation.
(c) Threat of imprisonment.
(d) Restrictions.

8. Who does the author say would earn more money than Einstein?
(a) Doris Day.
(b) Karl Marx.
(c) Donna Mae.
(d) Elvis Presley.

9. What does the author blame for crises and depressions in capitalism?
(a) Cyclical economies.
(b) Bad choices.
(c) Government interference.
(d) Allocation of resources.

10. What is another word for statism?
(a) Concernism.
(b) Collectivism.
(c) Communism.
(d) Connectivism.

11. According to Rand, what must the individual be willing to do in a capitalist society?
(a) Sacrifice for monopolies.
(b) Sacrifice for the government.
(c) Sacrifice for money.
(d) Sacrifice for the common good.

12. The existence of money promotes the division of what?
(a) Specialties.
(b) Economic classes.
(c) Social classes.
(d) Labor.

13. The author compares statism to what kind of rule?
(a) Elitist rule.
(b) Gang rule.
(c) Dictator rule.
(d) Mob rule.

14. The author believes that as long as capital can flow freely, it will flow where?
(a) To where it earns the highest rate of return.
(b) To the situation that is best for society.
(c) To where it is needed the most.
(d) To the situation that is best for mankind.

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

Short Answer Questions

1. To function as a medium of exchange, an item must be durable and what?

2. According to the author, statism is often linked to what other "ism"?

3. What is the abbreviation for the Aluminum Company of America?

4. The power of the railroads, according to the author, comes from where?

5. When the investors realize they have a problem and they all try to get out of the market, what results?

(see the answer keys)

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