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 advocates that individuals should be able to buy and sell ______.
(a) Stocks.
(b) Silver.
(c) Gold.
(d) Foreign currency.

2. What major event does Friedman strongly believe was a result of the government mishandling the money supply?
(a) Prohibition.
(b) World War I.
(c) None of the answers is correct.
(d) The Great Depression.

3. In Friedman's time, what was illegal to buy or sell?
(a) Ethanol.
(b) Alcohol.
(c) Silver.
(d) Gold.

4. For Friedman, what is something that when privately owned can be used if the price is right?
(a) Media.
(b) Taxes.
(c) Educational systems.
(d) Political campaigns.

5. What does Friedman believe will become self-regulating?
(a) The gold standard.
(b) Exchange rates.
(c) The World Bank.
(d) Monetary stocks.

Short Answer Questions

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

2. According to Friedman, whom does free trade benefit?

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

4. Friedman asserts that government is needed for the ______.

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

Short Essay Questions

1. Explain Friedman's voucher proposal.

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

3. What reason does Friedman refute for government spending?

4. What is fiscal policy?

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

6. What is Friedman's recommendation to the Federal Reserve System?

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

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

9. What is the multiplier effect?

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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