Capitalism and Freedom Test | Mid-Book Test - Medium

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This test consists of 5 multiple choice questions, 5 short answer questions, and 10 short essay questions.

Multiple Choice Questions

1. According to Friedman, what conflicts with one another for men?
(a) Absolute freedom.
(b) Economic interests.
(c) Religious beliefs.
(d) Political ideology.

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

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

4. Friedman states that government should be ______.
(a) Decentralized.
(b) Streamlined.
(c) Consolidated.
(d) Incorporated.

5. One solution Friedman proposes is to give parents ______ for schooling.
(a) Coupons.
(b) Credits.
(c) Vouchers.
(d) Tokens.

Short Answer Questions

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

2. Friedman makes the distinction between education and ______.

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

4. Friedman advocates the end of ______.

5. What does Friedman assert is an example of an appropriate task for government?

Short Essay Questions

1. What is the progressive income tax?

2. What example does Friedman use to illustrate his point about direct cash payments to those below a certain income level?

3. What is the multiplier effect?

4. Where do you stand: are you on the liberal free market side or more on the government intervention side? Why?

5. Why does Friedman believe government power should be limited?

6. What is the relationship Friedman describes between economic freedom and political freedom?

7. Do you agree or disagree with Friedman's flat tax proposal?

8. Explain how international currency rates have changed since 1900.

9. What is occupational licensure?

10. Explain the paternalistic argument that Friedman describes for government involvement in education.

(see the answer keys)

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