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

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

3. At the time of the book's publication, there was a tendency to regard government intervention as ______.
(a) Desirable.
(b) Harmful.
(c) Detrimental.
(d) Necessary.

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

5. What example does Friedman use to demonstrate his views on employment practices?
(a) A baker.
(b) A blacksmith.
(c) A lawyer.
(d) A grocer.

6. What is the major disadvantage Friedman describes of the proposed negative income tax?
(a) Political implications.
(b) Determining the level of tax.
(c) Implementation implications.
(d) Determining the level of benefit.

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

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

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

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

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

12. According to Friedman, Social security measures were enacted to make receipt of assistance a matter of ______.
(a) Right.
(b) Paperwork.
(c) Authority.
(d) Principle.

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

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

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

Short Answer Questions

1. To what does Friedman equate competition?

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. One threat Friedman believes to the preservation and expansion of freedom is ______.

4. Which type of monopoly does Friedman believe is least bad?

5. What is the key issue for Friedman with annuities?

(see the answer keys)

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