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. For Friedman, what is the main argument for licensure?
(a) Paternalism.
(b) Maternalism.
(c) Racism.
(d) Materialism.

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

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

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

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

6. How many problems with monopolies does Friedman describe?
(a) Four.
(b) Two.
(c) One.
(d) Three.

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

8. What example does Friedman give for one argument for registration?
(a) Alcohol registration.
(b) Firearm registration.
(c) Tobacco registration.
(d) Sex offender registration.

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

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

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 gives the following examples of the negative effects of government intervention except ______.
(a) Farm subsidies.
(b) Religious freedom acts.
(c) Regulation of the railroads.
(d) Housing programs.

13. To what does Friedman equate competition?
(a) A Euclidean line.
(b) A parallel line.
(c) A perpendicular line.
(d) The Prime Meridian.

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

15. What is one example Friedman uses to demonstrate his point on monopoly in industry?
(a) Textile vs. production industry.
(b) Automobile vs. wholesale industry.
(c) Steel vs. shipping industry.
(d) Entertainment vs. telecommunication industry.

Short Answer Questions

1. What is one method that governments have used to alter the distribution of income?

2. What has capitalism done for discrimination according to Friedman?

3. What is the major disadvantage Friedman describes of the proposed negative income tax?

4. Instead of reducing inequality, Friedman states the income tax has favored ______.

5. Labor unions are referred to as ______.

(see the answer keys)

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