Capitalism and Freedom Quiz | Four Week Quiz B

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This quiz consists of 5 multiple choice and 5 short answer questions through Chapter 11, Social Welfare Measures.

Multiple Choice Questions

1. Friedman suggests that employees may prefer to have part of their remuneration take the form of amenities such as what?
(a) Libraries.
(b) Housing allowance.
(c) Parking spaces.
(d) Baseball fields.

2. Friedman's belief is that what cause would free trade substantially promote, both domestically and internationally?
(a) Currency exchange.
(b) Freedom.
(c) Political power.
(d) Regulation.

3. One of Friedman's claims for government involvement in education asserts that there are ______ to education.
(a) Negative externalities.
(b) Positive externalities.
(c) Minimal costs.
(d) Extreme costs.

4. In Chapter 10, The Distribution of Income, what was the chief characteristic of progress and development over the past century?
(a) Advances in technology.
(b) Advances in entertainment.
(c) Advances in education.
(d) Increae in leisure time.

5. What term describes the deliberate setting of prices through an agreement by firms?
(a) Labor unions.
(b) Monopoly.
(c) Collusion.
(d) Free market.

Short Answer Questions

1. What is one example Friedman uses to demonstrate his point on monopoly in industry?

2. What is the basic problem of social life for Friedman?

3. What is the term for making non-membership in a union a condition of employment?

4. Which of the following can be justified by Friedman for government interventions?

5. According to Friedman, what is a necessary condition for political freedom?

(see the answer key)

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