Capitalism and Freedom Test | Mid-Book Test - Easy

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

Multiple Choice Questions

1. Friedman's theory on government intervention is that government is needed to be what regarding disputes?
(a) Announcer.
(b) Fan.
(c) Groundskeeper.
(d) Umpire.

2. Which of the following cannot be justified by Friedman for government interventions?
(a) Vouchers for education.
(b) Roads.
(c) Public parks.
(d) Free speech.

3. Which of the following, for Friedman, is the most important factor for the Federal Reserve?
(a) Regulation of the market.
(b) Loans and lending practices.
(c) Economic growth.
(d) Stability.

4. Who does Friedman state rejects the view that the government is the patron or master of the citizenry?
(a) The poor man.
(b) The educated man.
(c) The free man.
(d) The rich man.

5. Friedman asserts that government restriction centralizes ______.
(a) Goods.
(b) Power.
(c) Wealth.
(d) Elitism.

6. What does Friedman believe will markets do over time to monopolies?
(a) Make them obsolete.
(b) Strengthen them.
(c) Separate them slowly.
(d) Break them up.

7. According to Friedman, the market enables wide diversity, meaning power can be located in ______.
(a) The hands of many.
(b) Small pockets of individual actors.
(c) The hands of a few.
(d) Large pockets with limited interests.

8. What does Friedman use as an example of a use of government where individuals cannot consume individual amounts?
(a) Postal service.
(b) National defense.
(c) Healthcare.
(d) Education.

9. What is the basic problem of social life for Friedman?
(a) How to provide for entertainment opportunities.
(b) How to coordinate the economic activities of large numbers of individuals.
(c) How to distribute wealth equitably.
(d) How to tax and provide responsively for the people.

10. Which type of education does Friedman not advocate the government paying for?
(a) Minimal.
(b) Vocational.
(c) Industrial.
(d) Liberal.

11. What is the term for currency not being traded for any amount of another currency?
(a) None of the answers is correct.
(b) Inconvertible.
(c) Unconvertible.
(d) Irreversible.

12. What major event does Friedman strongly believe was a result of the government mishandling the money supply?
(a) The Great Depression.
(b) World War I.
(c) None of the answers is correct.
(d) Prohibition.

13. Friedman advocates that individuals should be able to buy and sell ______.
(a) Silver.
(b) Stocks.
(c) Gold.
(d) Foreign currency.

14. According to Friedman, what is liberty's greatest enemy?
(a) The educational system.
(b) Concentration of power.
(c) Elected leaders.
(d) The Federal government.

15. Friedman's belief is that what cause would free trade substantially promote, both domestically and internationally?
(a) Freedom.
(b) Political power.
(c) Regulation.
(d) Currency exchange.

Short Answer Questions

1. In Friedman's opinion, what will check government power?

2. One of Friedman's claims for government involvement in education asserts that there are ______ to education.

3. One solution Friedman proposes is to give parents ______ for schooling.

4. Past and current definitions of liberalism are the same with respect to ______.

5. According to Friedman, what cannot exist without a literate and informed population?

(see the answer keys)

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