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. One of Friedman's claims for government involvement in education asserts that there are ______ to education.
(a) Positive externalities.
(b) Negative externalities.
(c) Minimal costs.
(d) Extreme costs.

2. In Chapter 3, what does Friedman provide a history of?
(a) British colonialism.
(b) World War I.
(c) American monetary policy.
(d) The Federal Reserve System.

3. According to Friedman, what is liberty's greatest enemy?
(a) Concentration of power.
(b) The Federal government.
(c) Elected leaders.
(d) The educational system.

4. What does Friedman assert is an example of an appropriate task for government?
(a) Defining property rights.
(b) Determining price.
(c) Regulating the job market.
(d) Providing for the social welfare.

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

Short Answer Questions

1. What does Friedman believe is an appropriate rate of increase for the Federal Reserve?

2. What is one way Friedman believes some people criticize markets?

3. What does Friedman believe will become self-regulating?

4. Which of the following cannot be justified by Friedman for government interventions?

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

Short Essay Questions

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

2. Why does Friedman reject "right to work" laws?

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

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

5. Explain "floating exchange rates."

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

7. Do you think doctors should be required to obtain a license?

8. What is the neighborhood effect?

9. What does Friedman believe are the effects of farm price supports?

10. What example does Friedman use to illustrate his point about direct cash payments to those below a certain income level?

(see the answer keys)

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