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 FEPC stand for?
(a) Fair Employment Practice Commission.
(b) Finding Education and People Cooperatively.
(c) Fixing Economic Policy for Capitalism.
(d) Future Exercises for Preventing Catastrophes.

2. What does Friedman believe makes registration easier?
(a) Taxation.
(b) Recognition.
(c) Representation.
(d) Elections.

3. In 1961, how much did the government spend on direct welfare payments and programs?
(a) $45 million.
(b) $30 million.
(c) $42 billion.
(d) $33 billion.

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

5. Which type of monopoly does Friedman believe is least bad?
(a) Government regulation.
(b) Private monopoly.
(c) Labor monopoly.
(d) Government monopoly.

Short Answer Questions

1. What was the exemption of the federal income tax when Friedman wrote "Capitalism and Freedom"?

2. At the time of the book's publication, there was a tendency to regard government intervention as ______.

3. What is one method that governments have used to alter the distribution of income?

4. What is the major disadvantage Friedman describes of the proposed negative income tax?

5. Labor unions are referred to as ______.

Short Essay Questions

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

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

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

4. Why is Friedman against fair employment laws?

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

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

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

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

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

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

(see the answer keys)

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