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. Which term describes the purpose of federal spending?
(a) "Balance wheel."
(b) None of the answers is correct.
(c) "Balance beam."
(d) "Seesaw."

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

3. How are decisions, for Friedman, made where unanimity is a costly way of making decisions?
(a) A system of checks and balances.
(b) Decisions by committee.
(c) Executive decision.
(d) Majority rule.

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

5. In Friedman's analysis, what century is the historical exception to most men living in tyranny, servitude, and misery?
(a) 20th.
(b) 19th.
(c) 17th.
(d) 18th.

6. One solution Friedman proposes is to give parents ______ for schooling.
(a) Vouchers.
(b) Credits.
(c) Coupons.
(d) Tokens.

7. One role of government argued by the New Deal was to ______.
(a) Eliminate excessive alcohol drinking.
(b) Regulate military spending.
(c) Even out economic cycles.
(d) Provide subsidies for the poor.

8. According to Friedman, whom does free trade benefit?
(a) The poorer trading country.
(b) Both trading countries.
(c) Neither trading country.
(d) The wealthier trading country.

9. According to Friedman, it can be argued that private schools ______ class distinctions, and therefore need government intervention.
(a) Increase.
(b) Maintain.
(c) Exacerbate.
(d) Diminish.

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

11. Friedman's analysis of government argues that it is not ______.
(a) Reductionary.
(b) Stagnantary.
(c) Contractionary.
(d) Expansionary.

12. Friedman believes that government that has the power to do good, also has the power to do ______.
(a) Wrong.
(b) Nothing.
(c) Right.
(d) Bad.

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

14. Friedman theorizes that in extreme cases where parents don't pay for schooling, the government could provide a ______.
(a) Discount.
(b) Subsidy.
(c) Allowance.
(d) Pass.

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

Short Answer Questions

1. Friedman states that government should be ______.

2. Which type of education does Friedman not advocate the government paying for?

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

4. What term refers to the Federal Reserve's ability to produce more money than is deposited?

5. Friedman states that the problem with teacher salaries is not that they are too low, but that they are ______.

(see the answer keys)

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