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

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

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

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

5. What term refers to the argument for education that parents will not do best for their children?
(a) Sacrificial.
(b) Paternalistic.
(c) Employment.
(d) Maternalistic.

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

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

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

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

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

11. Friedman argues against the theory that $100 in government spending will increase income by ______.
(a) $300.
(b) $150.
(c) $50.
(d) $100.

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

13. Instead of government spending, what does Friedman advocate the government use to stabilize the economy?
(a) Health care.
(b) Taxes.
(c) Unemployment.
(d) Welfare.

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

15. Friedman points out one idea that is often forgotten is that political and economic institutions have been ______.
(a) Suppressed.
(b) Autonomic.
(c) Unfree.
(d) Free.

Short Answer Questions

1. According to Friedman, what is liberty's greatest enemy?

2. A key component of the government spending is the ______.

3. According to Friedman, it can be argued that private schools ______ class distinctions, and therefore need government intervention.

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

5. Which term refers to the government stimulating spending?

(see the answer keys)

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