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. Another threat for Friedman to the preservation and expansion of freedom is:
(a) An internal threat of licensure requirements.
(b) An internal threat of government regulation.
(c) An internal threat of labor unions.
(d) An internal threat of unfair political practices.

2. What is the major reason Friedman asserts why government intervention has had the opposite of the intended effects?
(a) People attempt to promote their own interests.
(b) People in power only seek political gains.
(c) A wealthy few have made the majority of the decisions for the minority.
(d) People do not abide by the rules of the government.

3. What is one factor that Friedman believes has reduced inequality?
(a) Advances in technology.
(b) Educational opportunities.
(c) Government intervention.
(d) Civil Rights laws.

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

5. What is one method that governments have used to alter the distribution of income?
(a) Real estate law.
(b) Income taxation.
(c) Selling bonds.
(d) Social welfare.

6. Where does Friedman live?
(a) Chicago.
(b) Philadelphia.
(c) New York.
(d) San Francisco.

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

8. Which type of monopoly does Friedman believe is least bad?
(a) Government monopoly.
(b) Labor monopoly.
(c) Government regulation.
(d) Private monopoly.

9. One threat Friedman believes to the preservation and expansion of freedom is ______.
(a) An uneducated workforce.
(b) Economic uncertainties.
(c) The Kremlin.
(d) Cuba.

10. What prefix were New Dealers commonly called?
(a) Un.
(b) Re.
(c) Ill.
(d) Ex.

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

12. According to Friedman, Social security measures were enacted to make receipt of assistance a matter of ______.
(a) Paperwork.
(b) Principle.
(c) Right.
(d) Authority.

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

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

15. What has been more potent for progress than the visible hand for retrogression according to Friedman?
(a) Transparent hand.
(b) Hidden hand.
(c) None of the answers is correct.
(d) Invisible hand.

Short Answer Questions

1. Friedman suggests that employees may prefer to have part of their remuneration take the form of amenities such as what?

2. Which group does Friedman believe to be contradictory in their views on free speech and fair employment laws?

3. For Friedman, what is the main argument for licensure?

4. What is one argument Friedman gives for public housing?

5. What problem did Dicey write about in 1914?

(see the answer keys)

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