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

2. What does OASI stand for?
(a) Older and Simpler Issues.
(b) Old Age and Survivor's Insurance.
(c) Optimum and Standard Issuance.
(d) Occupational Advocacy Standing Issues.

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

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

5. To what previous restrictions on labor does Friedman compare licenses?
(a) Fraternities and sororities.
(b) Unions and organizations.
(c) Clubs and coalitions.
(d) Guilds and castes.

6. Friedman theorizes compulsory purchase of annuities has imposed ______ costs for ______ gains.
(a) Large, little.
(b) Social, political.
(c) Minimal, moderate.
(d) Little, large.

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

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

9. Friedman advocates ______ income of the poor.
(a) Taxing.
(b) Reducing.
(c) Supplanting.
(d) Supplementing.

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

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

12. 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) Greed has overtaken all ethical values.
(c) Religion has argued equality on moral grounds.
(d) There has been an increase in the population of skilled workers.

13. What industry does Friedman use to argue against licensure?
(a) Medical.
(b) Economists.
(c) Attorneys.
(d) Teachers.

14. What problem did Dicey write about in 1914?
(a) Prenatal and infant care.
(b) Veteran's health benefits.
(c) Education for all.
(d) Old age pensions.

15. One recourse recommended by Friedman for poverty is ______.
(a) Minimum wages.
(b) Government assistance.
(c) More education for the poor.
(d) Private charity.

Short Answer Questions

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

2. Who said, "There is much ruin in a nation"?

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

4. According to Friedman, Social security measures were enacted to make receipt of assistance a matter of ______.

5. For Friedman, what is one major problem in interpreting the evidence on the distribution of income?

(see the answer keys)

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