Capitalism and Freedom Test | Final Test - Medium

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This test consists of 5 multiple choice questions and 5 short answer questions.

Multiple Choice Questions

1. Regarding certification, what does Friedman stress increases sales?
(a) Certificates of authenticity.
(b) Word of mouth advertising.
(c) Good products that maintain good reputations.
(d) Stringent certification controls.

2. One argument Friedman theorizes for Social Security is ______.
(a) The economics of incentives argument.
(b) The lost boys result.
(c) The neighborhood effect.
(d) Paternalism.

3. Which of the following is not an example of social welfare?
(a) Occupational licensure.
(b) Public housing.
(c) Minimum wage laws.
(d) Medicare.

4. According to Friedman, what is one major cost of the extension of governmental welfare activities?
(a) Lower productivity of labor.
(b) Increased regulation of private organizations.
(c) Higher taxes with low results.
(d) Decline in private charitable activities.

5. Who does Friedman believe is most critical of capitalism?
(a) Communists.
(b) Democrats.
(c) Marxists.
(d) Socialists.

Short Answer Questions

1. What specific social responsibility does Friedman condemn for corporations?

2. Who said, "There is much ruin in a nation"?

3. What prefix were New Dealers commonly called?

4. Who does Friedman think can abuse licensure?

5. In Chapter 10, The Distribution of Income, what was the chief characteristic of progress and development over the past century?

(see the answer keys)

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