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. Forming a list of who engages in what is known as ______.
(a) Listing.
(b) Licensing.
(c) Organizing.
(d) Registration.

2. Friedman gives examples of successful government intervention except ______.
(a) Magnificent dams.
(b) School system.
(c) The income tax.
(d) Sherman antitrust laws.

3. Three levels of control are licensing, registration, and ______.
(a) Certification.
(b) Acceptance.
(c) Recognition.
(d) Initiation.

4. What industry sector is most prevalent in monopoly?
(a) Shipping.
(b) Textile.
(c) Service.
(d) Manufacturing.

5. What is one factor that Friedman believes has reduced inequality?
(a) Government intervention.
(b) Civil Rights laws.
(c) Educational opportunities.
(d) Advances in technology.

Short Answer Questions

1. For Friedman, what is one major problem in interpreting the evidence on the distribution of income?

2. Regarding certification, what does Friedman stress increases sales?

3. What example does Friedman use to argue against the redistribution of wealth?

4. Friedman theorizes compulsory purchase of annuities has imposed ______ costs for ______ gains.

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

Short Essay Questions

1. Why is Friedman against fair employment laws?

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

3. 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?

4. According to Friedman, do monopolies have any sort of "social responsibility"?

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 say about public housing as a form of social welfare?

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

9. What is occupational licensure?

10. What are the three primary forms of monopoly?

(see the answer keys)

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