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

2. What, according to the author, does the gold standard facilitate?
(a) Production and sales.
(b) Trade and growth.
(c) Trade and production.
(d) Growth and sales.

3. The existence of money allows people to avoid the problems of ______.
(a) Barter.
(b) Savings.
(c) Interest.
(d) Credit.

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

5. According to the author, what will cure economic problems quickest and best?
(a) Protectionism.
(b) Government.
(c) The economy.
(d) Restrictions of trade.

Short Answer Questions

1. What does political economy study?

2. According to classical economics, what is the basis of competition?

3. Who is the author of the antitrust chapter?

4. The presence of regulation may make it harder to do what?

5. What is trade without any barriers known as?

Short Essay Questions

1. What is the concept of man that underlies statism?

2. Why are people terrified of war, according to the author?

3. What is the study of political economy?

4. How are some of the railroads not responsive to the market?

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

6. What are patents and copyrights?

7. Why do capital markets affect prices?

8. What are pre-capitalist societies based on?

9. How would the consumer be protected in a true capitalist market?

10. What does A.D. Neale think about U.S. antitrust laws?

(see the answer keys)

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