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 assert is an example of an appropriate task for government?
(a) Providing for the social welfare.
(b) Regulating the job market.
(c) Defining property rights.
(d) Determining price.

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

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

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

5. Friedman believes that one governmental action that is justifiable is to set a ______ education level.
(a) Minimum.
(b) Standard.
(c) Maximum.
(d) Rational.

6. Friedman believes that vocational and professional schools should be totally ______ run.
(a) Publicly.
(b) Governmentally.
(c) Cooperatively.
(d) Privately.

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

8. What is one example of a negative externality?
(a) Private education.
(b) Lack of voting.
(c) Pollution.
(d) Welfare.

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

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

11. Who does Friedman think should set exchange rates?
(a) The White House.
(b) The International Monetary Fund.
(c) The Federal Reserve.
(d) No one, they should be allowed to fluctuate on their own.

12. Friedman believes that economic control can lead to infringements on ______.
(a) Social welfare.
(b) Licensing requirements.
(c) Liberties.
(d) International trade.

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

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

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

Short Answer Questions

1. What does Friedman believe will markets do over time to monopolies?

2. Which term refers to the government stimulating spending?

3. What does Friedman believe is one drawback of the Federal Reserve having so much power?

4. Past and current definitions of liberalism are the same with respect to ______.

5. What is one way Friedman believes some people criticize markets?

(see the answer keys)

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