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

Multiple Choice Questions

1. What is the abbreviation for the Aluminum Company of America?
(a) ALCOA.
(b) ACOA.
(c) ALCA.
(d) ALCOOA.

2. The author believes that capitalism cannot function with what?
(a) Uneducated workers.
(b) Individual rights.
(c) Slaves.
(d) Subservience.

3. What kind of rights, according to the author, is the American system of government based on?
(a) Majority rights.
(b) Minority rights.
(c) Power rights.
(d) Individual rights.

4. The first labor laws aimed at children target those working as what?
(a) Cooks and servers.
(b) Cleaners.
(c) Chimney sweeps.
(d) Factory help.

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

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

7. Money functions as a __________ in transactions.
(a) Easy standard.
(b) Common denominator.
(c) Similar currency.
(d) National linkage.

8. How long do copyrights last in the United Kingdom?
(a) The life of the originator plus 100 years.
(b) The life of the originator plus 25 years.
(c) The life of the originator plus 50 years.
(d) The life of the originator plus 75 years.

9. What helps pull the U.S. out of the Great Depression?
(a) Free trade.
(b) The New Deal.
(c) An economic expansion.
(d) World War II.

10. How, according to the author, does the concept of private property come into existence?
(a) With capitalism.
(b) Through the Cultural Revolution.
(c) During feudalism.
(d) From Karl Marx.

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

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

13. According to the author, in statism, who owns the members of the tribe?
(a) The tribe.
(b) The masses.
(c) The elders.
(d) The elite.

14. Branden says that, according to the statists, depressions are part of what?
(a) Economic cycles.
(b) Laissez-faire capitalism.
(c) Free-market enterprises.
(d) Government-controlled systems.

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

Short Answer Questions

1. According to Rand, what must the individual be willing to do in a capitalist society?

2. Branden says that public education is not a ______ _______ because it must be paid for.

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

4. In a free market, economic power is determined by what?

5. The Federal Reserve System was created when the government thought that what was happening?

(see the answer keys)

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