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 of the following, for Friedman, is the most important factor for the Federal Reserve?
(a) Stability.
(b) Loans and lending practices.
(c) Economic growth.
(d) Regulation of the market.

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

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

4. According to Friedman, what is lost when foreign exchange is controlled by the government?
(a) Religious freedom.
(b) Educational freedom.
(c) Political freedom.
(d) Economic freedom.

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

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

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

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

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

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

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

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

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

14. One argument for government spending that Friedman refutes is that it will reduce what?
(a) Crime.
(b) Competition.
(c) Unemployment.
(d) Fraud.

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

Short Answer Questions

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

2. Friedman asserts that current liberalism is tied to the state management of ______.

3. What is the basic problem of social life for Friedman?

4. Friedman's analysis of government argues that it is not ______.

5. One question Friedman asks is how we can stop government from destroying ______.

(see the answer keys)

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