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. According to Friedman, what conflicts with one another for men?
(a) Absolute freedom.
(b) Political ideology.
(c) Religious beliefs.
(d) Economic interests.

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

3. A common misunderstanding of economic freedom, according to Friedman, is that it emphasizes ______.
(a) Socialism.
(b) Materialism.
(c) Prosperity.
(d) Wealth.

4. Friedman believes that free markets are not sufficient for political freedom since many countries demonstrate the possibility of ______.
(a) Authoritarian capitalism.
(b) Dictatorial government.
(c) Laissez-faire markets.
(d) Economic freedom.

5. What is the name of the system with the purpose of regulating monetary policy between leading countries?
(a) The World Bank System.
(b) The Bretton Woods System.
(c) The International Monetary System.
(d) The Gold Standard System.

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

7. Friedman advocates the end of ______.
(a) Exchange rates.
(b) Capitalism.
(c) Export quotas.
(d) The free market.

8. Friedman asserts that the Federal Reserve created the major contractions of the following years except______.
(a) 1929-33.
(b) 1926-27.
(c) 1937-38.
(d) 1920-21.

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

10. A major point for Friedman is that politics and economics are not ______.
(a) Together.
(b) Separate.
(c) United.
(d) Autonomous.

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

12. In Friedman's eyes, individual activities correspond to game players as the framework of law corresponds to______.
(a) Leaders of the game.
(b) Rulers of the game.
(c) Finishers of the game.
(d) Players of the game.

13. 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 common principle.
(b) The future growth principle.
(c) The colleague effect.
(d) The neighborhood effect.

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

15. What does Friedman believe is one drawback of the Federal Reserve having so much power?
(a) When the Federal Reserve makes mistakes, the whole country suffers.
(b) The Federal Reserve chairperson is elected and therefore subject to the whims of the public.
(c) The Federal Reserve has rules that are too strict to follow in order to make any real change.
(d) When the Federal Reserve does well, only a few profit.

Short Answer Questions

1. Friedman believes that economic control can lead to infringements on ______.

2. Which term describes the purpose of federal spending?

3. Friedman believes that government that has the power to do good, also has the power to do ______.

4. How are decisions, for Friedman, made where unanimity is a costly way of making decisions?

5. Originally, liberalism fought for freedom of thought, free-markets, free trade, constitutionalism, representative government, and ______.

(see the answer keys)

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