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. Besides enforcing contracts, what one other thing does Friedman say government should do?
(a) Provide for public transportation.
(b) Protect against external threats.
(c) Secure a country's borders.
(d) Regulate commerce.

2. Friedman advocates the end of ______.
(a) The free market.
(b) Capitalism.
(c) Export quotas.
(d) Exchange rates.

3. Friedman's belief is that what cause would free trade substantially promote, both domestically and internationally?
(a) Currency exchange.
(b) Regulation.
(c) Political power.
(d) Freedom.

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

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

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

7. What does Friedman believe coordinates individuals over vast distances and across all belief systems?
(a) The geographic system.
(b) The educational system.
(c) The electoral system.
(d) The price system.

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

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

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

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

12. In Friedman's opinion, what will check government power?
(a) The people.
(b) A free market.
(c) A strong judicial system.
(d) A tripartite government.

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

14. Friedman states that the problem with teacher salaries is not that they are too low, but that they are ______.
(a) Not inclusive of benefits.
(b) Computed based on seniority.
(c) Linked to the amount of education the teacher has.
(d) The same regardless of quality.

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

Short Answer Questions

1. One argument for government spending that Friedman refutes is that it will reduce what?

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

3. In Friedman's eyes, individual activities correspond to game players as the framework of law corresponds to______.

4. Friedman points out one idea that is often forgotten is that political and economic institutions have been ______.

5. Which of the following, for Friedman, is the most important factor for the Federal Reserve?

(see the answer keys)

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