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. What does Friedman believe will markets do over time to monopolies?
(a) Break them up.
(b) Make them obsolete.
(c) Separate them slowly.
(d) Strengthen them.

2. Friedman asserts that the Federal Reserve created the major contractions of the following years except______.
(a) 1937-38.
(b) 1926-27.
(c) 1929-33.
(d) 1920-21.

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

4. Who does Friedman state rejects the view that the government is the patron or master of the citizenry?
(a) The poor man.
(b) The free man.
(c) The educated man.
(d) The rich man.

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

Short Answer Questions

1. Friedman advocates that individuals should be able to buy and sell ______.

2. What does Friedman use as an example of a use of government where individuals cannot consume individual amounts?

3. What does Friedman believe needs protection in order for the freedom of the market to arise?

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

5. According to Friedman, what is liberty's greatest enemy?

Short Essay Questions

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

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

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

4. How does Friedman argue that floating exchange rates can affect international trade?

5. What is the modern day definition of liberalism?

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

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

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

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

10. What does Friedman think of the remark, "Ask not what your country can do for you, ask what you can do for your country"?

(see the answer keys)

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