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

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

3. What is the term for making non-membership in a union a condition of employment?
(a) "Yellow-dog" contract.
(b) "Green-bird" contract.
(c) "Blue-bee" contract.
(d) Red-cat" contract.

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

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

Short Answer Questions

1. What does the Texas Railroad Commission enforce?

2. What industry does Friedman use to explain his views on monopoly in labor?

3. According to Friedman, what is one major cost of the extension of governmental welfare activities?

4. What prefix were New Dealers commonly called?

5. Friedman hypothesizes that there has been a change in discrimination along with the rise of capitalism because ______.

Short Essay Questions

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

2. Who are the biggest advocates of occupational licensure that Friedman describes?

3. What recommendations would Friedman give to a president about an economic downturn?

4. What is Friedman's recommendation regarding an income tax?

5. What does Friedman believe are the effects of farm price supports?

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

7. What does Friedman assert that capitalism has done for inequalities?

8. What are the three sources of monopoly?

9. Do you agree or disagree with Friedman's flat tax proposal?

10. Why is Friedman against fair employment laws?

(see the answer keys)

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