Free to Choose: A Personal Statement Test | Final Test - Easy

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This test consists of 15 multiple choice questions and 5 short answer questions.

Multiple Choice Questions

1. Friedman suggests constitutional amendments to limit government in all but the following areas:
(a) wage and price controls
(b) qualificaiton of bureaucrats
(c) international trade
(d) occupational licensure

2. The railroads:
(a) ignored the ICC
(b) bitterly opposed the formation of the ICC
(c) used the ICC to support their price fixing and market sharing agreementsq
(d) refused to join the ICC

3. In terms of goods, the price of money:
(a) equal to the price of the good
(b) not possible to determine
(c) is one third the price of goods
(d) is the reciprocal of the price of goods in terms of money

4. Parents who send their children to private schools:
(a) pay a lower amount of taxes for public schools
(b) still pay taxes for public schools
(c) none of the above
(d) pay not taxes for public schools

5. According to Friedman, the way to cure inflation is to:
(a) reduce the rate of monetary growth
(b) force consumers to increase their savings
(c) limit the amount of goods and services available for sale
(d) promote spending policies

6. What problems have there been with unions?
(a) not enough members
(b) salaries lag the non-union sector
(c) fraud
(d) misuse and misappropriation of funds

7. In Virginia in the 1600s, what functioned as money?
(a) tobacco
(b) beads
(c) wampum
(d) gold

8. What items have not functioned as money over time:
(a) dirt
(b) metals
(c) Cowrie shells
(d) beads

9. Inflation results when:
(a) there is no relation between output level and money supply
(b) the money supply and the output level increase at the same rate
(c) the money supply increases more rapidly than the level of output
(d) the money supply increases less rapidly than the level of output

10. Gresham's Law says that:
(a) good money drives out bad
(b) good money decreases
(c) bad money drives out good
(d) good money multiplies

11. In what ways does competition protect the consumer?
(a) by advertising
(b) by the information provided with the product
(c) consumers will not continually buy shoddy products
(d) through the honesty of sellers

12. The minimum wage causes:
(a) unemployment
(b) no effect on employment levels
(c) higher employment levels
(d) social unrest

13. In Great Britain:
(a) most labor unions represent workers of nationalized industry
(b) labor unions are weak
(c) workers represent themselves
(d) there are no labor unions

14. Most of the ICC staff came from the:
(a) were laymen
(b) stock market
(c) legislature
(d) railroad industry

15. Washington D.C.:
(a) limits the number of lawyers
(b) limits the number of special interests groups
(c) prohibits lobbyists
(d) is a magnet for special interest groups

Short Answer Questions

1. At the time the book was written, how many workers belonged to unions?

2. Friedman's view is that everyone who wants a higher education:

3. Friedman believes that the income tax system is:

4. Government policies are affected by:

5. The first schools were:

(see the answer keys)

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