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. How many problems with monopolies does Friedman describe?
(a) Three.
(b) One.
(c) Four.
(d) Two.

2. What example does Friedman give for one argument for registration?
(a) Alcohol registration.
(b) Firearm registration.
(c) Tobacco registration.
(d) Sex offender registration.

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

4. Regarding certification, what does Friedman stress increases sales?
(a) Stringent certification controls.
(b) Good products that maintain good reputations.
(c) Certificates of authenticity.
(d) Word of mouth advertising.

5. Instead of reducing inequality, Friedman states the income tax has favored ______.
(a) Public housing.
(b) The growth of labor unions.
(c) The growth of large corporations.
(d) Subsidies for farmers.

6. 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) Baseball player and basketball player.
(b) Doctor and priest.
(c) Teacher and professor.
(d) Blues singer and opera singer.

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

8. What does Friedman advocate the abolition of in Chapter 10, The Distribution of Income?
(a) Welfare.
(b) Flat-rate income tax.
(c) Corporate income tax.
(d) Trade unions.

9. According to Friedman, what is one major cost of the extension of governmental welfare activities?
(a) Decline in private charitable activities.
(b) Higher taxes with low results.
(c) Lower productivity of labor.
(d) Increased regulation of private organizations.

10. Friedman would agree that racism is ______.
(a) Fixable with government intervention.
(b) Unavoidable.
(c) Curable.
(d) Expensive.

11. If forced to choose between segregation or integration, which would Friedman choose?
(a) A combination.
(b) Segregation.
(c) Neither.
(d) Integration.

12. In Chapter 12, The Alleviation of Poverty, what two things does Friedman say a person cannot be at the same time?
(a) Egalitarian and liberal.
(b) Naturalist and soldier.
(c) Progressive and conservative.
(d) Democrat and republican.

13. What effect has Friedman observed that minimum wage laws have had on poverty?
(a) Reduced it.
(b) Maintained it.
(c) Increased it.
(d) Spread it out.

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

15. Forming a list of who engages in what is known as ______.
(a) Licensing.
(b) Registration.
(c) Organizing.
(d) Listing.

Short Answer Questions

1. What does Friedman believe makes registration easier?

2. What is the major disadvantage Friedman describes of the proposed negative income tax?

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

4. According to Friedman, what is one unknown negative effect of farm subsidies?

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

(see the answer keys)

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