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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 is one example Friedman uses to demonstrate his point on monopoly in industry?
(a) Steel vs. shipping industry.
(b) Automobile vs. wholesale industry.
(c) Entertainment vs. telecommunication industry.
(d) Textile vs. production industry.
2. According to Friedman, what is one unknown negative effect of farm subsidies?
(a) A removal of three senate seats.
(b) Increase in production of cotton.
(c) A hindrance to the pursuit of foreign policy.
(d) An emphasis on educational testing.
3. What is the major reason Friedman asserts why government intervention has had the opposite of the intended effects?
(a) People in power only seek political gains.
(b) A wealthy few have made the majority of the decisions for the minority.
(c) People do not abide by the rules of the government.
(d) People attempt to promote their own interests.
4. To what does Friedman equate competition?
(a) A parallel line.
(b) A Euclidean line.
(c) The Prime Meridian.
(d) A perpendicular line.
5. What problem did Dicey write about in 1914?
(a) Veteran's health benefits.
(b) Prenatal and infant care.
(c) Old age pensions.
(d) Education for all.
Short Answer Questions
1. For Friedman, what is one major problem in interpreting the evidence on the distribution of income?
2. Another threat for Friedman to the preservation and expansion of freedom is:
3. Friedman gives examples of successful government intervention except ______.
4. What term describes the deliberate setting of prices through an agreement by firms?
5. What does Friedman believe makes registration easier?
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. Do you agree or disagree with Friedman's flat tax proposal?
3. What is the problem for Friedman with fair employment commission legislation?
4. What does Friedman say about public housing as a form of social welfare?
5. In Chapter 13, Friedman summarizes his examples. Which do you agree with?
6. Why does Friedman reject "right to work" laws?
7. Where do you stand: are you on the liberal free market side or more on the government intervention side? Why?
8. What is Friedman's recommendation regarding an income tax?
9. According to Friedman, do monopolies have any sort of "social responsibility"?
10. What recommendations would Friedman give to a president about an economic downturn?
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