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

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

3. Which of the following is not an example of social welfare?
(a) Public housing.
(b) Minimum wage laws.
(c) Occupational licensure.
(d) Medicare.

4. To what does Friedman equate competition?
(a) A Euclidean line.
(b) A parallel line.
(c) The Prime Meridian.
(d) A perpendicular line.

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

6. Friedman gives examples of successful government intervention except ______.
(a) Magnificent dams.
(b) Sherman antitrust laws.
(c) The income tax.
(d) School system.

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

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

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

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

11. 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.

12. Friedman states that ______ is a generator of inequality.
(a) Taxation.
(b) Unemployment.
(c) Redistribution.
(d) Social security.

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

14. What does the Texas Railroad Commission enforce?
(a) Output of oil wells.
(b) Number of trains on the rails.
(c) Transportation of goods by rail.
(d) Cattle in fields near railway lines.

15. Friedman claims there is no connection between equal treatment and what?
(a) Equal opportunity.
(b) Equal shares of income.
(c) Equal protection.
(d) Equal rights.

Short Answer Questions

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

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

3. Three levels of control are licensing, registration, and ______.

4. What does Friedman believe makes registration easier?

5. Who does Friedman believe maintains the system of licensure?

(see the answer keys)

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