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

2. Friedman believes that free markets are not sufficient for political freedom since many countries demonstrate the possibility of ______.
(a) Economic freedom.
(b) Dictatorial government.
(c) Authoritarian capitalism.
(d) Laissez-faire markets.

3. What is the term for currency not being traded for any amount of another currency?
(a) Inconvertible.
(b) None of the answers is correct.
(c) Irreversible.
(d) Unconvertible.

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

5. Friedman asserts that government is needed for the ______.
(a) "Rules of the game."
(b) "Rules of the citizens."
(c) "Rules of the system."
(d) "Rules of the road."

Short Answer Questions

1. For Friedman, where is the best place for power to be held?

2. The original balancing thought is based on whose economic philosophy?

3. In the market described by Friedman, exchanges between households are ______.

4. In Friedman's time, what was illegal to buy or sell?

5. What term refers to the Federal Reserve's ability to produce more money than is deposited?

Short Essay Questions

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

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

3. According to Friedman, what is the difference between schooling and education? What does the government do?

4. What is meant when Friedman states "Government as rule-maker and umpire"?

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

6. Does Friedman believe that most societies have been free or not free?

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

8. Explain Friedman's voucher proposal.

9. Where does Friedman believe power in government should be located?

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

(see the answer keys)

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