Capitalism and Freedom Test | Final Test - Medium

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This test consists of 5 multiple choice questions, 5 short answer questions, and 10 short essay questions.

Multiple Choice Questions

1. Which of the following is not an example of social welfare?
(a) Minimum wage laws.
(b) Public housing.
(c) Occupational licensure.
(d) Medicare.

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

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

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

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

Short Answer Questions

1. What is one example of a government supported monopoly?

2. Friedman gives examples of successful government intervention except ______.

3. How many problems with monopolies does Friedman describe?

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

5. What is the term for making non-membership in a union a condition of employment?

Short Essay Questions

1. According to Friedman, do monopolies have any sort of "social responsibility"?

2. What are the three forms of control discussed by Friedman in Chapter 9, Occupational Licensure?

3. What does Friedman believe are the effects of minimum wage laws?

4. Do you think doctors should be required to obtain a license?

5. What are two problems with monopolies for the liberal?

6. What is the progressive income tax?

7. What example does Friedman use to illustrate his point about direct cash payments to those below a certain income level?

8. In Chapter 13, Friedman summarizes his examples. Which do you disagree with?

9. Where do you stand: are you on the liberal free market side or more on the government intervention side? Why?

10. If people were given cash instead of subsidies like food stamps, how might they would use it to get themselves out of poverty, and how might it be wasted?

(see the answer keys)

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