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

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

3. What does Friedman advocate the abolition of in Chapter 10, The Distribution of Income?
(a) Welfare.
(b) Flat-rate income tax.
(c) Trade unions.
(d) Corporate income tax.

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

5. 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.

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

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

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

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

10. Who said, "There is much ruin in a nation"?
(a) Carl Menger.
(b) Adam Smith.
(c) John Maynard Keynes.
(d) Milton Friedman.

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

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

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

14. Friedman simply states that to alleviate poverty, we should have a program directed at ______.
(a) Providing work programs.
(b) Price subsidies.
(c) Regulation of charitable giving.
(d) Helping the poor.

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

Short Answer Questions

1. Friedman suggests that employees may prefer to have part of their remuneration take the form of amenities such as what?

2. According to Friedman, who benefits from licensure?

3. What problem did Dicey write about in 1914?

4. If forced to choose between segregation or integration, which would Friedman choose?

5. What is one disadvantage Friedman describes of programs to alleviate poverty?

(see the answer keys)

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