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

2. What type of society does Friedman believe is least materialistic?
(a) Socialist.
(b) Collectivist.
(c) Marxist.
(d) Capitalist.

3. To what does Friedman equate competition?
(a) The Prime Meridian.
(b) A perpendicular line.
(c) A Euclidean line.
(d) A parallel line.

4. What effect has Friedman observed that minimum wage laws have had on poverty?
(a) Spread it out.
(b) Maintained it.
(c) Increased it.
(d) Reduced it.

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

Short Answer Questions

1. Regarding certification, what does Friedman stress increases sales?

2. In 1961, how much did the government spend on direct welfare payments and programs?

3. What prefix were New Dealers commonly called?

4. According to Friedman, what are licenses restrictions on?

5. Which of the following is not an example of social welfare?

Short Essay Questions

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

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

3. What are the three sources of monopoly?

4. Why is Friedman against fair employment laws?

5. 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?

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

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

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

9. According to Friedman, do monopolies have any sort of "social responsibility"?

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

(see the answer keys)

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