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

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

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

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

5. What are ALCOA, General Electric and other companies said to be engaged in that cause them to be sued under the antitrust laws?
(a) Labor abuse.
(b) Mergers and acquisitions.
(c) Layoffs.
(d) Price fixing.

Short Answer Questions

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

2. The Aluminum Company of America is a monopoly in the sense that it has control over what?

3. Government regulations tend to be _______, meaning that they dictate a minimum standard of what cannot be done.

4. The term "evils of monopoly" refers to a situation in which the monopolist is completely ______ of the market.

5. What does the term "evils of monopoly" refer to?

Short Essay Questions

1. How does the existence of money help people?

2. What does Branden believe causes depressions?

3. What problems do the airwaves run into in the beginning of radio?

4. What is a coercive monopoly?

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

6. What are pre-capitalist societies based on?

7. What is the gold standard?

8. Why do capital markets affect prices?

9. How does government involvement help cause the Great Depression?

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

(see the answer keys)

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