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

2. What industry sector is most prevalent in monopoly?
(a) Textile.
(b) Manufacturing.
(c) Shipping.
(d) Service.

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

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

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

6. Labor unions are referred to as ______.
(a) Monopoly in labor.
(b) Monopoly in government.
(c) Monopoly in industry.
(d) Produced monopoly.

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

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

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

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

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

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

13. What is the term for laws that forbid membership in a union a requirement for employment?
(a) Fair labor laws.
(b) Right to work laws.
(c) Anti-union laws.
(d) Employment standards laws.

14. What is the term for making non-membership in a union a condition of employment?
(a) "Yellow-dog" contract.
(b) "Green-bird" contract.
(c) "Blue-bee" contract.
(d) Red-cat" contract.

15. In 1961, how much did the government spend on direct welfare payments and programs?
(a) $42 billion.
(b) $30 million.
(c) $33 billion.
(d) $45 million.

Short Answer Questions

1. Which type of monopoly does Friedman believe is least bad?

2. What does FEPC stand for?

3. According to Friedman, the essence of a competitive market is its ______ character.

4. Friedman would agree that racism is ______.

5. One recourse recommended by Friedman for poverty is ______.

(see the answer keys)

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