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

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

3. Who said, "There is much ruin in a nation"?
(a) Carl Menger.
(b) Milton Friedman.
(c) Adam Smith.
(d) John Maynard Keynes.

4. One argument Friedman theorizes for Social Security is ______.
(a) The neighborhood effect.
(b) The lost boys result.
(c) The economics of incentives argument.
(d) Paternalism.

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

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

7. According to Friedman, a liberal will welcome measures that promote what?
(a) Wealth and freedom.
(b) Elimination of poverty.
(c) Freedom and equality.
(d) Power and politics.

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

9. What type of society does Friedman believe is least materialistic?
(a) Marxist.
(b) Collectivist.
(c) Capitalist.
(d) Socialist.

10. Friedman believes that ______ are no argument for nationalizing the provision of annuities.
(a) Economies of scale.
(b) Opportunity costs.
(c) Income stabilizations.
(d) Wealth redistributions.

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

12. What is one example Friedman uses to demonstrate his point on monopoly in industry?
(a) Automobile vs. wholesale industry.
(b) Steel vs. shipping industry.
(c) Textile vs. production industry.
(d) Entertainment vs. telecommunication industry.

13. According to Friedman, who benefits from licensure?
(a) Licensed practitioners.
(b) Aspirants.
(c) Clients.
(d) Customers.

14. What is one example of a government supported monopoly?
(a) The coal industry.
(b) The sugar cane industry.
(c) The auto industry.
(d) The postal service.

15. What specific social responsibility does Friedman condemn for corporations?
(a) Fair hiring practices.
(b) Sweat free labor practices.
(c) Charitable giving.
(d) Right to work laws.

Short Answer Questions

1. In what decades did intellectuals in the United States consider capitalism to be defective?

2. According to Friedman, what is the goal of government intervention regarding the distribution of income?

3. Friedman claims there is no connection between equal treatment and what?

4. One threat Friedman believes to the preservation and expansion of freedom is ______.

5. Who does Friedman believe is most critical of capitalism?

(see the answer keys)

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