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) "Balance wheel."
(b) None of the answers is correct.
(c) "Balance beam."
(d) "Seesaw."

2. Friedman's evidence suggests that for every $100 of government spending, a certain amount is added to income. How much?
(a) $50.
(b) $300.
(c) $100.
(d) $150.

3. How are decisions, for Friedman, made where unanimity is a costly way of making decisions?
(a) A system of checks and balances.
(b) Decisions by committee.
(c) Executive decision.
(d) Majority rule.

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

5. 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.

Short Answer Questions

1. One solution Friedman proposes is to give parents ______ for schooling.

2. One role of government argued by the New Deal was to ______.

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

4. According to Friedman, it can be argued that private schools ______ class distinctions, and therefore need government intervention.

5. A common misunderstanding of economic freedom, according to Friedman, is that it emphasizes ______.

Short Essay Questions

1. What examples does Friedman give of when the Federal Reserve System mismanaged the money supply?

2. What are two problems with monopolies for the liberal?

3. Friedman accepts the reasoning that justifies "governmental action to alleviate poverty" (p. 191). What two issues must be addressed in order for this to happen?

4. What does Friedman assert that capitalism has done for inequalities?

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

6. What recommendations would Friedman give to a president about an economic downturn?

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

8. What does Friedman believe to be the cause of the Great Depression?

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

10. According to Friedman, do monopolies have any sort of "social responsibility"?

(see the answer keys)

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