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. One recourse recommended by Friedman for poverty is ______.
(a) Private charity.
(b) Minimum wages.
(c) Government assistance.
(d) More education for the poor.

2. What industry does Friedman use to argue against licensure?
(a) Medical.
(b) Attorneys.
(c) Teachers.
(d) Economists.

3. For Friedman, what is one major problem in interpreting the evidence on the distribution of income?
(a) Lack of data.
(b) Reliable empirical evidence.
(c) Defining poverty levels.
(d) Temporary vs. long run income status.

4. Friedman suggests that employees may prefer to have part of their remuneration take the form of amenities such as what?
(a) Parking spaces.
(b) Baseball fields.
(c) Housing allowance.
(d) Libraries.

5. What is the term for making non-membership in a union a condition of employment?
(a) "Blue-bee" contract.
(b) Red-cat" contract.
(c) "Yellow-dog" contract.
(d) "Green-bird" contract.

Short Answer Questions

1. What does the Texas Railroad Commission enforce?

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

3. Three levels of control are licensing, registration, and ______.

4. What does OASI stand for?

5. Instead of reducing inequality, Friedman states the income tax has favored ______.

Short Essay Questions

1. Do you think people should be forced to participate in social security?

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

3. 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?

4. What are the three sources of monopoly?

5. What is the progressive income tax?

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

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

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

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

10. What recommendations would Friedman give to a president about an economic downturn?

(see the answer keys)

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