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 is one example Friedman uses to demonstrate his point on monopoly in industry?
(a) Automobile vs. wholesale industry.
(b) Textile vs. production industry.
(c) Steel vs. shipping industry.
(d) Entertainment vs. telecommunication industry.

2. In Chapter 12, The Alleviation of Poverty, what two things does Friedman say a person cannot be at the same time?
(a) Naturalist and soldier.
(b) Progressive and conservative.
(c) Egalitarian and liberal.
(d) Democrat and republican.

3. What has capitalism done for discrimination according to Friedman?
(a) Abolished it.
(b) Increased it.
(c) Reduced it.
(d) Widened.

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

5. Friedman advocates ______ income of the poor.
(a) Supplanting.
(b) Taxing.
(c) Reducing.
(d) Supplementing.

Short Answer Questions

1. What effect has Friedman observed that minimum wage laws have had on poverty?

2. What does the Texas Railroad Commission enforce?

3. What is the key issue for Friedman with annuities?

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

5. If forced to choose between segregation or integration, which would Friedman choose?

Short Essay Questions

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

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

3. What is the progressive income tax?

4. What are the three sources of monopoly?

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

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

7. Why is Friedman against fair employment laws?

8. What are the three primary forms of monopoly?

9. Do you think doctors should be required to obtain a license?

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

(see the answer keys)

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