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. According to Friedman, who benefits from licensure?
(a) Clients.
(b) Aspirants.
(c) Licensed practitioners.
(d) Customers.

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

3. Friedman simply states that to alleviate poverty, we should have a program directed at ______.
(a) Price subsidies.
(b) Helping the poor.
(c) Providing work programs.
(d) Regulation of charitable giving.

4. What problem did Dicey write about in 1914?
(a) Old age pensions.
(b) Education for all.
(c) Prenatal and infant care.
(d) Veteran's health benefits.

5. What is one argument Friedman gives for public housing?
(a) The neighborhood effect.
(b) The law of supply effect.
(c) The paternalism effect.
(d) The law of demand effect.

Short Answer Questions

1. Who does Friedman believe maintains the system of licensure?

2. What industry sector is most prevalent in monopoly?

3. Friedman would agree that racism is ______.

4. What two professions does Friedman compare to support his claim on the harm it does when people are unable to find mutually acceptable contracts?

5. Which of the following is not an example of social welfare?

Short Essay Questions

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

2. What are the three primary forms of monopoly?

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

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

5. What are the three sources of monopoly?

6. What does Friedman say about public housing as a form of social welfare?

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

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

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

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

(see the answer keys)

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