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 is one example of a negative externality?
(a) Lack of voting.
(b) Welfare.
(c) Private education.
(d) Pollution.

2. In Friedman's analysis, what century is the historical exception to most men living in tyranny, servitude, and misery?
(a) 20th.
(b) 18th.
(c) 19th.
(d) 17th.

3. In Friedman's eyes, individual activities correspond to game players as the framework of law corresponds to______.
(a) Finishers of the game.
(b) Rulers of the game.
(c) Players of the game.
(d) Leaders of the game.

4. For Friedman, what is an all-embracing ethic?
(a) Education.
(b) Freedom.
(c) Government.
(d) Religion.

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

Short Answer Questions

1. Friedman states that the problem with teacher salaries is not that they are too low, but that they are ______.

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

3. Friedman's belief is that what cause would free trade substantially promote, both domestically and internationally?

4. One of Friedman's claims for government involvement in education asserts that there are ______ to education.

5. According to Friedman, what cannot exist without a literate and informed population?

Short Essay Questions

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

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

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

4. What is meant by "paternalistic grounds"?

5. What is fiscal policy?

6. Explain the price system as described by Friedman.

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

8. What is the neighborhood effect?

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

10. What is the multiplier effect?

(see the answer keys)

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