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

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

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

4. Who does Friedman think can abuse licensure?
(a) An elite few in power.
(b) Special interest groups.
(c) Educational institutions.
(d) Those applying for the licenses.

5. Friedman suggests that employees may prefer to have part of their remuneration take the form of amenities such as what?
(a) Libraries.
(b) Parking spaces.
(c) Baseball fields.
(d) Housing allowance.

6. Which group does Friedman believe to be contradictory in their views on free speech and fair employment laws?
(a) FCC.
(b) ACSA.
(c) ACLU.
(d) NAACP.

7. Who does Friedman believe is most critical of capitalism?
(a) Marxists.
(b) Democrats.
(c) Socialists.
(d) Communists.

8. What does FEPC stand for?
(a) Future Exercises for Preventing Catastrophes.
(b) Fixing Economic Policy for Capitalism.
(c) Finding Education and People Cooperatively.
(d) Fair Employment Practice Commission.

9. For Friedman, what is one major problem in interpreting the evidence on the distribution of income?
(a) Lack of data.
(b) Reliable empirical evidence.
(c) Temporary vs. long run income status.
(d) Defining poverty levels.

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

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

12. What industry does Friedman use to explain his views on monopoly in labor?
(a) Coal.
(b) Auto.
(c) Steel.
(d) Manufacturing.

13. What does Friedman believe makes registration easier?
(a) Representation.
(b) Taxation.
(c) Recognition.
(d) Elections.

14. What one argument for OASI can be justified for Friedman?
(a) It helps low-income people more than high-income people.
(b) It puts youth and the elderly on the same playing field.
(c) It helps high-income people more than low-income people.
(d) It serves as a magnification of society's social issues.

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

Short Answer Questions

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

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

3. To what does Friedman equate competition?

4. Which of the following is not an example of social welfare?

5. What is the relationship between capitalism and the fraction of income paid for capital in countries?

(see the answer keys)

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