Capitalism and Freedom Quiz | Eight Week Quiz F

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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. According to Friedman, the essence of a competitive market is its ______ character.
(a) Impersonal.
(b) Private.
(c) Trustworthy.
(d) Public.

2. According to Friedman, it can be argued that private schools ______ class distinctions, and therefore need government intervention.
(a) Maintain.
(b) Increase.
(c) Exacerbate.
(d) Diminish.

3. According to Friedman, what cannot exist without a literate and informed population?
(a) Democratic societies.
(b) A well-armed militia.
(c) First world countries.
(d) A progressive political system.

4. What is the term for currency not being traded for any amount of another currency?
(a) Irreversible.
(b) Unconvertible.
(c) Inconvertible.
(d) None of the answers is correct.

5. A common misunderstanding of economic freedom, according to Friedman, is that it emphasizes ______.
(a) Socialism.
(b) Prosperity.
(c) Wealth.
(d) Materialism.

Short Answer Questions

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

2. What does Friedman believe makes registration easier?

3. According to Friedman, what conflicts with one another for men?

4. For Friedman, what is something that when privately owned can be used if the price is right?

5. What is one factor that Friedman believes has reduced inequality?

(see the answer key)

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