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

2. Friedman believes that economic control can lead to infringements on ______.
(a) Social welfare.
(b) Liberties.
(c) Licensing requirements.
(d) International trade.

3. The original balancing thought is based on whose economic philosophy?
(a) Marx.
(b) Krugman.
(c) Keynes.
(d) Smith.

4. Besides enforcing contracts, what one other thing does Friedman say government should do?
(a) Protect against external threats.
(b) Secure a country's borders.
(c) Provide for public transportation.
(d) Regulate commerce.

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

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

7. What does Friedman claim that governments abuse?
(a) Commodity standards.
(b) Ability to issue stocks.
(c) The trust of the people.
(d) The power to determine taxes.

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

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

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

11. Friedman uses the example of selling ______ to demonstrate a true global economy.
(a) Corn.
(b) Rice.
(c) Wheat.
(d) Oil.

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

13. Who does Friedman think should set exchange rates?
(a) The International Monetary Fund.
(b) The White House.
(c) No one, they should be allowed to fluctuate on their own.
(d) The Federal Reserve.

14. Friedman believes that vocational and professional schools should be totally ______ run.
(a) Cooperatively.
(b) Privately.
(c) Publicly.
(d) Governmentally.

15. Friedman points out one idea that is often forgotten is that political and economic institutions have been ______.
(a) Suppressed.
(b) Autonomic.
(c) Free.
(d) Unfree.

Short Answer Questions

1. One argument for government spending that Friedman refutes is that it will reduce what?

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

3. Friedman advocates that government should not be a master, but a/an ______.

4. For Friedman, what is something that when privately owned can be used if the price is right?

5. By Friedman's account, the market permits unanimity without ______.

(see the answer keys)

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