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. Three levels of control are licensing, registration, and ______.
(a) Recognition.
(b) Initiation.
(c) Certification.
(d) Acceptance.

2. According to Friedman, what is one unknown negative effect of farm subsidies?
(a) A removal of three senate seats.
(b) An emphasis on educational testing.
(c) A hindrance to the pursuit of foreign policy.
(d) Increase in production of cotton.

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

4. In Chapter 10, The Distribution of Income, what was the chief characteristic of progress and development over the past century?
(a) Advances in entertainment.
(b) Advances in education.
(c) Increae in leisure time.
(d) Advances in technology.

5. According to Friedman, what are licenses restrictions on?
(a) Who may hire whom.
(b) The qualifications of those doing the hiring.
(c) The age of those who are licensed.
(d) What schools professionals may attend.

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

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

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

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

10. What is one method that governments have used to alter the distribution of income?
(a) Real estate law.
(b) Income taxation.
(c) Social welfare.
(d) Selling bonds.

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

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

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

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

15. Who does Friedman believe maintains the system of licensure?
(a) Federal government.
(b) Licensed members of each field.
(c) Local unions.
(d) Licensure review board.

Short Answer Questions

1. One argument Friedman theorizes for Social Security is ______.

2. What two professions does Friedman compare to support his claim on the harm it does when people are unable to find mutually acceptable contracts?

3. Where does Friedman live?

4. What industry does Friedman use to argue against licensure?

5. What term describes the deliberate setting of prices through an agreement by firms?

(see the answer keys)

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