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. One threat Friedman believes to the preservation and expansion of freedom is ______.
(a) Economic uncertainties.
(b) The Kremlin.
(c) Cuba.
(d) An uneducated workforce.

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

3. What is the major reason Friedman asserts why government intervention has had the opposite of the intended effects?
(a) People attempt to promote their own interests.
(b) A wealthy few have made the majority of the decisions for the minority.
(c) People in power only seek political gains.
(d) People do not abide by the rules of the government.

4. To what does Friedman equate competition?
(a) The Prime Meridian.
(b) A perpendicular line.
(c) A Euclidean line.
(d) A parallel line.

5. What has capitalism done for discrimination according to Friedman?
(a) Increased it.
(b) Widened.
(c) Reduced it.
(d) Abolished it.

Short Answer Questions

1. What is one method that governments have used to alter the distribution of income?

2. According to Friedman, what is the goal of government intervention regarding the distribution of income?

3. Where does Friedman live?

4. What does the Texas Railroad Commission enforce?

5. Which group does Friedman believe to be contradictory in their views on free speech and fair employment laws?

Short Essay Questions

1. According to Friedman, can a liberal be an egalitarian?

2. According to Friedman, is there any justification for government intervention when it comes to distributing wealth?

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

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

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

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

7. In Chapter 13, Friedman summarizes his examples. Which do you agree with?

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

9. What are the three sources of monopoly?

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

(see the answer keys)

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