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

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

3. What is the term for currency not being traded for any amount of another currency?
(a) None of the answers is correct.
(b) Unconvertible.
(c) Inconvertible.
(d) Irreversible.

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

5. In Friedman's opinion, what will check government power?
(a) A tripartite government.
(b) The people.
(c) A free market.
(d) A strong judicial system.

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

7. Which term refers to the government stimulating spending?
(a) "Charge the battery."
(b) "Prime the pump."
(c) "Rev the engine."
(d) "Grease the skids."

8. Friedman hypothesizes that the change from free market societies to economic controlled ones led classical liberals to worry that it would ______ political freedom.
(a) Undermine.
(b) Bolster.
(c) Weaken.
(d) Strengthen.

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

10. In Friedman's time, what was illegal to buy or sell?
(a) Gold.
(b) Silver.
(c) Ethanol.
(d) Alcohol.

11. What does Friedman believe needs protection in order for the freedom of the market to arise?
(a) Religion.
(b) Citizens.
(c) Government.
(d) Contracts.

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

13. Friedman asserts that government is needed for the ______.
(a) "Rules of the road."
(b) "Rules of the game."
(c) "Rules of the citizens."
(d) "Rules of the system."

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

15. In Friedman's opinion, what should individuals be allowed to do?
(a) Elect their own leaders.
(b) Print their own money.
(c) Choose their own religion.
(d) Pursue their own ends.

Short Answer Questions

1. Friedman states that government should be ______.

2. A major point for Friedman is that politics and economics are not ______.

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

4. Friedman believes that one governmental action that is justifiable is to set a ______ education level.

5. Which term describes the purpose of federal spending?

(see the answer keys)

This section contains 400 words
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