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 is one argument Friedman gives for public housing?
(a) The law of supply effect.
(b) The paternalism effect.
(c) The law of demand effect.
(d) The neighborhood effect.

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

3. Where does Friedman live?
(a) Chicago.
(b) New York.
(c) San Francisco.
(d) Philadelphia.

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

5. What is the relationship between capitalism and the fraction of income paid for capital in countries?
(a) Inverse.
(b) Direct.
(c) Perpendicular.
(d) Correlational.

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

7. In what decades did intellectuals in the United States consider capitalism to be defective?
(a) 1930s and '40s.
(b) 1920s and '30s.
(c) 1940s and '50s.
(d) 1900s and '10s.

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

9. One argument Friedman theorizes for Social Security is ______.
(a) The economics of incentives argument.
(b) Paternalism.
(c) The neighborhood effect.
(d) The lost boys result.

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

11. What is one factor that Friedman believes has reduced inequality?
(a) Educational opportunities.
(b) Government intervention.
(c) Advances in technology.
(d) Civil Rights laws.

12. What is one disadvantage Friedman describes of programs to alleviate poverty?
(a) Funding.
(b) Fraud.
(c) Administration.
(d) Authorization.

13. What specific social responsibility does Friedman condemn for corporations?
(a) Right to work laws.
(b) Charitable giving.
(c) Sweat free labor practices.
(d) Fair hiring practices.

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

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

Short Answer Questions

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

2. Friedman believes that the goddess of chance is ______.

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

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

5. What effect has Friedman observed that minimum wage laws have had on poverty?

(see the answer keys)

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