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. Three levels of control are licensing, registration, and ______.
(a) Initiation.
(b) Certification.
(c) Recognition.
(d) Acceptance.

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

3. 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.

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

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

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

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

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

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

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

11. 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) Naturalist and soldier.
(d) Egalitarian and liberal.

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

13. Which group does Friedman believe to be contradictory in their views on free speech and fair employment laws?
(a) NAACP.
(b) ACSA.
(c) ACLU.
(d) FCC.

14. According to Friedman, a liberal will welcome measures that promote what?
(a) Freedom and equality.
(b) Elimination of poverty.
(c) Power and politics.
(d) Wealth and freedom.

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

Short Answer Questions

1. Labor unions are referred to as ______.

2. What industry does Friedman use to argue against licensure?

3. One recourse recommended by Friedman for poverty is ______.

4. In Chapter 10, The Distribution of Income, what was the chief characteristic of progress and development over the past century?

5. Friedman gives the following examples of the negative effects of government intervention except ______.

(see the answer keys)

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