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. Labor unions are referred to as ______.
(a) Monopoly in industry.
(b) Produced monopoly.
(c) Monopoly in labor.
(d) Monopoly in government.

2. Friedman gives the following examples of the negative effects of government intervention except ______.
(a) Religious freedom acts.
(b) Regulation of the railroads.
(c) Housing programs.
(d) Farm subsidies.

3. What is one method that governments have used to alter the distribution of income?
(a) Real estate law.
(b) Social welfare.
(c) Selling bonds.
(d) Income taxation.

4. What does Friedman advocate the abolition of in Chapter 10, The Distribution of Income?
(a) Flat-rate income tax.
(b) Trade unions.
(c) Corporate income tax.
(d) Welfare.

5. If forced to choose between segregation or integration, which would Friedman choose?
(a) Integration.
(b) A combination.
(c) Neither.
(d) Segregation.

Short Answer Questions

1. What term describes the deliberate setting of prices through an agreement by firms?

2. Who does Friedman think can abuse licensure?

3. According to Friedman, what is the goal of government intervention regarding the distribution of income?

4. According to Friedman, who benefits from licensure?

5. Which type of monopoly does Friedman believe is least bad?

Short Essay Questions

1. What is occupational licensure?

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

3. What is the problem for Friedman with fair employment commission legislation?

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

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

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

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

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

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

10. According to Friedman, can a liberal be an egalitarian?

(see the answer keys)

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