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 argues against the theory that $100 in government spending will increase income by ______.
(a) $100.
(b) $300.
(c) $150.
(d) $50.

2. One question Friedman asks is how we can stop government from destroying ______.
(a) Freedom.
(b) Citizens.
(c) Taxes.
(d) Entertainment.

3. In Chapter 3, what does Friedman provide a history of?
(a) World War I.
(b) British colonialism.
(c) The Federal Reserve System.
(d) American monetary policy.

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

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

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

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

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

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

10. Friedman makes the distinction between education and ______.
(a) Income.
(b) Instruction.
(c) Schooling.
(d) Aging.

11. According to Friedman, what is a necessary condition for political freedom?
(a) Competitive capitalism.
(b) Fair trade.
(c) A high gross domestic product.
(d) Governmental regulation.

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

13. Instead of government spending, what does Friedman advocate the government use to stabilize the economy?
(a) Unemployment.
(b) Health care.
(c) Welfare.
(d) Taxes.

14. Past and current definitions of liberalism are the same with respect to ______.
(a) Civil freedoms and democracy.
(b) Paternalism and individualism.
(c) Free markets and the rule of law.
(d) Distribution of wealth and the welfare state.

15. What does Friedman believe will become self-regulating?
(a) Monetary stocks.
(b) The gold standard.
(c) The World Bank.
(d) Exchange rates.

Short Answer Questions

1. What major event does Friedman strongly believe was a result of the government mishandling the money supply?

2. In the market described by Friedman, exchanges between households are ______.

3. What is the name of the system with the purpose of regulating monetary policy between leading countries?

4. Friedman believes that free markets are not sufficient for political freedom since many countries demonstrate the possibility of ______.

5. Friedman asserts that the Federal Reserve created the major contractions of the following years except______.

(see the answer keys)

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