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

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

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

4. What major event does Friedman strongly believe was a result of the government mishandling the money supply?
(a) None of the answers is correct.
(b) Prohibition.
(c) The Great Depression.
(d) World War I.

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

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

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

8. What is one way Friedman believes some people criticize markets?
(a) It hurts those in power.
(b) It gives people what they want.
(c) It limits people's choices.
(d) It inequitably distributes wealth.

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

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

11. By Friedman's account, the market permits unanimity without ______.
(a) Conformity.
(b) Solitude.
(c) Freedom.
(d) Resentment.

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

13. What does Friedman prefer when it comes to exchange rates?
(a) Sinking exchange rates.
(b) Rising exchange rates?
(c) Hovering exchange rates.
(d) Floating exchange rates.

14. What caused all the major nations to abandon the gold standard?
(a) World War II.
(b) World War I.
(c) Decline in the value of gold.
(d) The Great Depression.

15. How are decisions, for Friedman, made where unanimity is a costly way of making decisions?
(a) Executive decision.
(b) Majority rule.
(c) A system of checks and balances.
(d) Decisions by committee.

Short Answer Questions

1. Friedman believes that all of the following are appropriate for fiscal policy except ______.

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

3. What does Friedman believe coordinates individuals over vast distances and across all belief systems?

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

5. Friedman believes that government that has the power to do good, also has the power to do ______.

(see the answer keys)

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