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

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

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

4. What does political economy study?
(a) How capital resources are used.
(b) How economic resources are used.
(c) How scarce resources are used.
(d) How all resources are used.

5. What is one function of money?
(a) A means of processing.
(b) A means of wealth.
(c) A means of saving.
(d) A means of accounting.

Short Answer Questions

1. The most successful railroads, according to the author, do what?

2. The existence of money promotes the division of what?

3. What is one of the negatives that political power uses?

4. What right does the author believe is basic to the concept of freedom?

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

Short Essay Questions

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

2. What are patents and copyrights?

3. What does capitalism do to the standard of living?

4. What does Greenspan think of U.S. antitrust laws?

5. What is the study of political economy?

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

7. What should the governments of free countries protect?

8. How is banking controlled when the system is based on gold?

9. What do the peace proponents believe about force?

10. How are businessmen persecuted?

(see the answer keys)

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