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

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

3. Who said, "There is much ruin in a nation"?
(a) Adam Smith.
(b) Milton Friedman.
(c) Carl Menger.
(d) John Maynard Keynes.

4. Who does Friedman believe maintains the system of licensure?
(a) Licensed members of each field.
(b) Local unions.
(c) Federal government.
(d) Licensure review board.

5. According to Friedman, a liberal will welcome measures that promote what?
(a) Freedom and equality.
(b) Elimination of poverty.
(c) Wealth and freedom.
(d) Power and politics.

Short Answer Questions

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

2. Where does Friedman live?

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

4. What industry sector is most prevalent in monopoly?

5. Another threat for Friedman to the preservation and expansion of freedom is:

Short Essay Questions

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

2. What is the progressive income tax?

3. What is occupational licensure?

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

5. What are the three primary forms of monopoly?

6. Why is Friedman against fair employment laws?

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

8. Do you think people should be forced to participate in social security?

9. What are the three sources of monopoly?

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

(see the answer keys)

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