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 advocates that government should not be a master, but a/an ______.
(a) Mechanism.
(b) Slave.
(c) Instrument.
(d) Philosophy.

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

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

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

5. In the market described by Friedman, exchanges between households are ______.
(a) Unwilling.
(b) Coerced.
(c) Obligatory.
(d) Voluntary.

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

7. 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) The Federal Reserve has rules that are too strict to follow in order to make any real change.
(c) When the Federal Reserve makes mistakes, the whole country suffers.
(d) The Federal Reserve chairperson is elected and therefore subject to the whims of the public.

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) Weaken.
(b) Strengthen.
(c) Undermine.
(d) Bolster.

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

10. According to Friedman, what conflicts with one another for men?
(a) Economic interests.
(b) Absolute freedom.
(c) Religious beliefs.
(d) Political ideology.

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

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

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

14. In Friedman's eyes, individual activities correspond to game players as the framework of law corresponds to______.
(a) Players of the game.
(b) Leaders of the game.
(c) Finishers of the game.
(d) Rulers of the game.

15. What term refers to the Federal Reserve's ability to produce more money than is deposited?
(a) Reserve ability production.
(b) Percent fulfillment banking.
(c) Overdraft protection.
(d) Fractional reserve banking.

Short Answer Questions

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

2. The thought that the best use of government spending would be on useless projects is known as ______.

3. According to Friedman, the market enables wide diversity, meaning power can be located in ______.

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

5. The original balancing thought is based on whose economic philosophy?

(see the answer keys)

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