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

Multiple Choice Questions

1. When does the gold standard cease to exist?
(a) At the beginning of World War I.
(b) At the beginning of World War II.
(c) At the end of World War I.
(d) At the end of World War II.

2. The power of the railroads, according to the author, comes from where?
(a) The market.
(b) The subsidies.
(c) The economy.
(d) The government.

3. Instead of reading the antitrust laws to decide if something is legal, people must read what?
(a) Supreme Court decisions.
(b) Delaware corporations code.
(c) Case law.
(d) History.

4. 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.

5. In a gold-standard system, gold will flow from a low-interest-rate country to where?
(a) A stable economic country.
(b) The capital market.
(c) A high-interest-rate country.
(d) An expansionist economic country.

6. What is the position held by the man who brings the airwaves under U.S. government control?
(a) Secretary of the Interior.
(b) Secretary of State.
(c) Secretary of Commerce.
(d) Secretary of Industry.

7. The author believes that licensing the airwaves leads to what?
(a) Censorship.
(b) Protection of the consumer.
(c) Free speech.
(d) Protection of the airwaves.

8. Intellectual property may end up in the public _____ but it does not become public property.
(a) Domain.
(b) Database.
(c) Area.
(d) Knowledge.

9. The most successful railroads, according to the author, do what?
(a) Repay their financial aid from the government.
(b) Allow the government to completely fund the projects.
(c) Take a lot of financial aid from the government.
(d) Never receive financial aid from the government.

10. Which British civil servant says the U.S. antitrust laws cannot be understood?
(a) A.D. Neale.
(b) A.D. Gershwin.
(c) A.D. Brookings.
(d) A.D. Foster.

11. How many keystones are there to capitalism?
(a) Seven.
(b) Four.
(c) Five.
(d) Six .

12. One cost of union negotiated wages, according to the author, is what?
(a) Investment in employment.
(b) Mobility of employment.
(c) Unemployment.
(d) Full employment.

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

14. The author believes that unions serve a valuable service because they do what?
(a) Represent the worker to the employer.
(b) Prevent the employer from firing the worker.
(c) Raise the cost of production.
(d) Raise the benefits to the worker.

15. What is one example, according to the author, of how property rights can be established?
(a) The Homestead Act.
(b) The Settlement Act.
(c) The Gold Rush Act.
(d) The Western Settlers Act.

Short Answer Questions

1. What does Greenspan claim is the best protection for the consumer?

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

3. The existence of money allows people to avoid the problems of ______.

4. Who does the author say would earn more money than Einstein?

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 keys)

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