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

2. Friedman defines a country as a collection of ______.
(a) Leaders.
(b) Citizens.
(c) Ideals.
(d) Individuals.

3. One of Friedman's claims for government involvement in education asserts that there are ______ to education.
(a) Extreme costs.
(b) Minimal costs.
(c) Positive externalities.
(d) Negative externalities.

4. Friedman theorizes that in extreme cases where parents don't pay for schooling, the government could provide a ______.
(a) Pass.
(b) Allowance.
(c) Subsidy.
(d) Discount.

5. Friedman uses the example of selling ______ to demonstrate a true global economy.
(a) Oil.
(b) Corn.
(c) Rice.
(d) Wheat.

Short Answer Questions

1. Friedman believes that economic control can lead to infringements on ______.

2. What does Friedman prefer when it comes to exchange rates?

3. What does Friedman believe coordinates individuals over vast distances and across all belief systems?

4. Friedman's analysis of government argues that it is not ______.

5. Friedman asserts that the Federal Reserve created the major contractions of the following years except______.

Short Essay Questions

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

2. What examples does Friedman give of appropriate roles of government in a free society?

3. What was the definition of liberalism prior to 1900?

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

5. Explain the price system as described by Friedman.

6. What are Friedman's recommendations in order for stocks to become self-regulating?

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

8. What is meant by "paternalistic grounds"?

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

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

(see the answer keys)

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