Capitalism and Freedom Test | Final Test - Easy

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This test consists of 15 multiple choice questions and 5 short answer questions.

Multiple Choice Questions

1. Friedman gives the following examples of the negative effects of government intervention except ______.
(a) Regulation of the railroads.
(b) Farm subsidies.
(c) Housing programs.
(d) Religious freedom acts.

2. Friedman hypothesizes that there has been a change in discrimination along with the rise of capitalism because ______.
(a) Greed has overtaken all ethical values.
(b) Religion has argued equality on moral grounds.
(c) Contract arrangements replaced status as a source of wealth.
(d) There has been an increase in the population of skilled workers.

3. What is one argument Friedman gives for public housing?
(a) The neighborhood effect.
(b) The law of supply effect.
(c) The paternalism effect.
(d) The law of demand effect.

4. Friedman believes that the goddess of chance is ______.
(a) Skilled.
(b) Dead.
(c) Deaf.
(d) Blind.

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

6. What effect has public housing had on the density of people per dwelling?
(a) Reduced it.
(b) Spread it out.
(c) Increased it.
(d) Maintained it.

7. What two professions does Friedman compare to support his claim on the harm it does when people are unable to find mutually acceptable contracts?
(a) Doctor and priest.
(b) Teacher and professor.
(c) Baseball player and basketball player.
(d) Blues singer and opera singer.

8. What has capitalism done for discrimination according to Friedman?
(a) Abolished it.
(b) Increased it.
(c) Widened.
(d) Reduced it.

9. What was the exemption of the federal income tax when Friedman wrote "Capitalism and Freedom"?
(a) $600.
(b) $300.
(c) $2000.
(d) $1000.

10. What example does Friedman use to argue against the redistribution of wealth?
(a) Davey Crockett.
(b) The Swiss Family Robinson.
(c) Robinson Crusoe.
(d) Mark Twain.

11. What is one disadvantage Friedman describes of programs to alleviate poverty?
(a) Authorization.
(b) Funding.
(c) Administration.
(d) Fraud.

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

13. According to Friedman, what is the goal of government intervention regarding the distribution of income?
(a) Job creation.
(b) Social welfare.
(c) Taxation.
(d) Income equality.

14. According to Friedman, what are licenses restrictions on?
(a) The qualifications of those doing the hiring.
(b) Who may hire whom.
(c) What schools professionals may attend.
(d) The age of those who are licensed.

15. What is the key issue for Friedman with annuities?
(a) Distributing the profits of annuities.
(b) Government issuance of annuities.
(c) Fulfilling the demand for annuities.
(d) Compulsory purchase of annuities.

Short Answer Questions

1. What term describes the deliberate setting of prices through an agreement by firms?

2. What specific social responsibility does Friedman condemn for corporations?

3. What one argument for OASI can be justified for Friedman?

4. Friedman simply states that to alleviate poverty, we should have a program directed at ______.

5. For Friedman, what is one major problem in interpreting the evidence on the distribution of income?

(see the answer keys)

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