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. Friedman believes that the goddess of chance is ______.
(a) Deaf.
(b) Blind.
(c) Skilled.
(d) Dead.

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

3. If forced to choose between segregation or integration, which would Friedman choose?
(a) A combination.
(b) Integration.
(c) Segregation.
(d) Neither.

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

5. According to Friedman, what is the goal of government intervention regarding the distribution of income?
(a) Job creation.
(b) Income equality.
(c) Social welfare.
(d) Taxation.

Short Answer Questions

1. What one argument for OASI can be justified for Friedman?

2. What effect has public housing had on the density of people per dwelling?

3. What is one disadvantage Friedman describes of programs to alleviate poverty?

4. What does FEPC stand for?

5. What is the relationship between capitalism and the fraction of income paid for capital in countries?

Short Essay Questions

1. Friedman accepts the reasoning that justifies "governmental action to alleviate poverty" (p. 191). What two issues must be addressed in order for this to happen?

2. What are the three sources of monopoly?

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

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

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

6. 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?

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

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

9. Why does Friedman reject "right to work" laws?

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

(see the answer keys)

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