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. What does OASI stand for?
(a) Occupational Advocacy Standing Issues.
(b) Optimum and Standard Issuance.
(c) Older and Simpler Issues.
(d) Old Age and Survivor's Insurance.

2. Another threat for Friedman to the preservation and expansion of freedom is:
(a) An internal threat of government regulation.
(b) An internal threat of licensure requirements.
(c) An internal threat of unfair political practices.
(d) An internal threat of labor unions.

3. What is the relationship between capitalism and the fraction of income paid for capital in countries?
(a) Direct.
(b) Correlational.
(c) Inverse.
(d) Perpendicular.

4. One threat Friedman believes to the preservation and expansion of freedom is ______.
(a) Cuba.
(b) Economic uncertainties.
(c) The Kremlin.
(d) An uneducated workforce.

5. Who does Friedman believe maintains the system of licensure?
(a) Licensure review board.
(b) Licensed members of each field.
(c) Local unions.
(d) Federal government.

Short Answer Questions

1. According to Friedman, what is one major cost of the extension of governmental welfare activities?

2. According to Friedman, what is one unknown negative effect of farm subsidies?

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

4. To what does Friedman equate competition?

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

Short Essay Questions

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

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

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

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

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

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

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

8. If people were given cash instead of subsidies like food stamps, how might they would use it to get themselves out of poverty, and how might it be wasted?

9. Who are the biggest advocates of occupational licensure that Friedman describes?

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

(see the answer keys)

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