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 evidence suggests that for every $100 of government spending, a certain amount is added to income. How much?
(a) $50.
(b) $100.
(c) $150.
(d) $300.

2. According to Friedman, what cannot exist without a literate and informed population?
(a) A well-armed militia.
(b) First world countries.
(c) Democratic societies.
(d) A progressive political system.

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

4. What term refers to the circumstance under which the action of one individual imposes significant costs on other individuals for which it is not feasible to make him compensate them?
(a) The colleague effect.
(b) The neighborhood effect.
(c) The future growth principle.
(d) The common principle.

5. Friedman asserts that current liberalism is tied to the state management of ______.
(a) The electoral vote.
(b) Social welfare.
(c) The economy.
(d) The educational system.

6. Originally, liberalism fought for freedom of thought, free-markets, free trade, constitutionalism, representative government, and ______.
(a) Rights of the poor.
(b) The rule of law.
(c) Fair trade.
(d) A welfare state.

7. What does Friedman say can government not duplicate?
(a) An international monitoring system.
(b) The creativity of the individual.
(c) The power of local control.
(d) The free market economic system.

8. Friedman states that government should be ______.
(a) Decentralized.
(b) Incorporated.
(c) Streamlined.
(d) Consolidated.

9. Which of the following can be justified by Friedman for government interventions?
(a) Subsidizing farm production.
(b) Minimum wage.
(c) Property rights.
(d) The draft.

10. According to Friedman, what is the Federal Reserve lacking?
(a) A Rosetta Stone of sorts.
(b) A Constitution of sorts.
(c) A Declaration of Independence of sorts.
(d) A Magna Carta of sorts.

11. The thought that the best use of government spending would be on useless projects is known as ______.
(a) "Emptying the pot."
(b) "Steaming the water."
(c) "Filling holes."
(d) "Evening it out."

12. By Friedman's account, the market permits unanimity without ______.
(a) Conformity.
(b) Resentment.
(c) Freedom.
(d) Solitude.

13. For Friedman, what is an all-embracing ethic?
(a) Education.
(b) Religion.
(c) Government.
(d) Freedom.

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

15. According to Friedman, which of the following is the least bad?
(a) Public monopoly.
(b) Public regulation.
(c) Private regulation.
(d) Private monopoly.

Short Answer Questions

1. According to Friedman, what conflicts with one another for men?

2. In Friedman's opinion, what should individuals be allowed to do?

3. Friedman theorizes that in extreme cases where parents don't pay for schooling, the government could provide a ______.

4. What does Friedman use as an example of a use of government where individuals cannot consume individual amounts?

5. What is one example of a negative externality?

(see the answer keys)

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