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. Which of the following can be justified by Friedman for government interventions?
(a) Property rights.
(b) Subsidizing farm production.
(c) The draft.
(d) Minimum wage.

2. In Friedman's analysis, what century is the historical exception to most men living in tyranny, servitude, and misery?
(a) 20th.
(b) 19th.
(c) 17th.
(d) 18th.

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

4. Which type of education does Friedman not advocate the government paying for?
(a) Minimal.
(b) Liberal.
(c) Industrial.
(d) Vocational.

5. Friedman believes that all of the following are appropriate for fiscal policy except ______.
(a) Avoiding erratic changes in spending.
(b) Planning for stable tax rates.
(c) Spending based on community priorities.
(d) Fluctuating in spending based on the political climate.

Short Answer Questions

1. According to Friedman, the market enables wide diversity, meaning power can be located in ______.

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

3. According to Friedman, what is the Federal Reserve lacking?

4. Friedman's theory is that monetary exchange rates will allow trades across countries to ______ in accord with those rates.

5. Friedman asserts that current liberalism is tied to the state management of ______.

Short Essay Questions

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

2. What is fiscal policy?

3. What is Friedman's definition of political freedom? Of economic freedom?

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

5. How does Friedman explain government's role in a free society?

6. Explain the externalities argument that Friedman describes for government involvement in education

7. What reason does Friedman refute for government spending?

8. Explain Friedman's voucher proposal.

9. According to Friedman what is the role of government?

10. Concerning business cycles that Friedman explains, what is one role of government?

(see the answer keys)

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