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. The original balancing thought is based on whose economic philosophy?
(a) Marx.
(b) Keynes.
(c) Krugman.
(d) Smith.

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

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

4. Originally, liberalism fought for freedom of thought, free-markets, free trade, constitutionalism, representative government, and ______.
(a) Rights of the poor.
(b) A welfare state.
(c) Fair trade.
(d) The rule of law.

5. According to Friedman, what is liberty's greatest enemy?
(a) Concentration of power.
(b) The educational system.
(c) The Federal government.
(d) Elected leaders.

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

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

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

9. Which term describes the purpose of federal spending?
(a) "Seesaw."
(b) None of the answers is correct.
(c) "Balance wheel."
(d) "Balance beam."

10. Friedman's analysis of government argues that it is not ______.
(a) Reductionary.
(b) Stagnantary.
(c) Expansionary.
(d) Contractionary.

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

12. What does Friedman believe is an appropriate rate of increase for the Federal Reserve?
(a) 5%-7%.
(b) 1%-3%.
(c) 3%-5%.
(d) None. That is not a goal of the Federal Reserve.

13. According to Friedman, what is one problem with government stimulus during a recession?
(a) The measures do not take effect until after the recession.
(b) More often than not, inflation skyrockets.
(c) The attempts often have a negative effect.
(d) The stimulus is generally too small to jump-start the economy.

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

15. Who does Friedman state rejects the view that the government is the patron or master of the citizenry?
(a) The free man.
(b) The rich man.
(c) The educated man.
(d) The poor man.

Short Answer Questions

1. One of Friedman's claims for government involvement in education asserts that there are ______ to education.

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

3. Friedman's belief is that what cause would free trade substantially promote, both domestically and internationally?

4. Which type of education does Friedman not advocate the government paying for?

5. Friedman believes that free markets are not sufficient for political freedom since many countries demonstrate the possibility of ______.

(see the answer keys)

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