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 believe is most critical of capitalism?
(a) Democrats.
(b) Marxists.
(c) Socialists.
(d) Communists.

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

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

4. What effect has public housing had on the density of people per dwelling?
(a) Maintained it.
(b) Increased it.
(c) Spread it out.
(d) Reduced it.

5. To what previous restrictions on labor does Friedman compare licenses?
(a) Unions and organizations.
(b) Fraternities and sororities.
(c) Clubs and coalitions.
(d) Guilds and castes.

Short Answer Questions

1. Friedman believes that ______ are no argument for nationalizing the provision of annuities.

2. Friedman gives the following examples of the negative effects of government intervention except ______.

3. What is the major reason Friedman asserts why government intervention has had the opposite of the intended effects?

4. What type of society does Friedman believe is least materialistic?

5. In what decades did intellectuals in the United States consider capitalism to be defective?

Short Essay Questions

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

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

3. In Chapter 13, Friedman summarizes his examples. Which do you agree with?

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

5. What does Friedman assert that capitalism has done for inequalities?

6. Do you agree or disagree with Friedman's flat tax proposal?

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

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

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

10. What is the progressive income tax?

(see the answer keys)

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