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. Who does Friedman think can abuse licensure?
(a) Educational institutions.
(b) Special interest groups.
(c) Those applying for the licenses.
(d) An elite few in power.

2. What is the key issue for Friedman with annuities?
(a) Compulsory purchase of annuities.
(b) Fulfilling the demand for annuities.
(c) Government issuance of annuities.
(d) Distributing the profits of annuities.

3. What is one example of a government supported monopoly?
(a) The postal service.
(b) The sugar cane industry.
(c) The auto industry.
(d) The coal industry.

4. Friedman suggests that employees may prefer to have part of their remuneration take the form of amenities such as what?
(a) Parking spaces.
(b) Baseball fields.
(c) Libraries.
(d) Housing allowance.

5. What does the Texas Railroad Commission enforce?
(a) Number of trains on the rails.
(b) Output of oil wells.
(c) Cattle in fields near railway lines.
(d) Transportation of goods by rail.

Short Answer Questions

1. Friedman states that ______ is a generator of inequality.

2. What was the exemption of the federal income tax when Friedman wrote "Capitalism and Freedom"?

3. One threat Friedman believes to the preservation and expansion of freedom is ______.

4. To what previous restrictions on labor does Friedman compare licenses?

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

Short Essay Questions

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

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

3. Why is Friedman against fair employment laws?

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

5. What is occupational licensure?

6. What are the three sources of monopoly?

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

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

9. 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?

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

(see the answer keys)

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