Mid-Book Test - Medium
|Name: _____________________________||Period: ___________________________|
This quiz consists of 5 multiple choice questions, 5 short answer questions, and 10 short essay questions.
Multiple Choice Questions
1. Friedman's theory on government intervention is that government is needed to be what regarding disputes?
2. Friedman's belief is that what cause would free trade substantially promote, both domestically and internationally?
(a) Currency exchange.
(d) Political power.
3. Friedman believes that government that has the power to do good, also has the power to do ______.
4. Friedman believes that one governmental action that is justifiable is to set a ______ education level.
5. What is the basic problem of social life for Friedman?
(a) How to distribute wealth equitably.
(b) How to coordinate the economic activities of large numbers of individuals.
(c) How to provide for entertainment opportunities.
(d) How to tax and provide responsively for the people.
Short Answer Questions
1. Past and current definitions of liberalism are the same with respect to ______.
2. One of Friedman's claims for government involvement in education asserts that there are ______ to education.
3. According to Friedman, what is one problem with government stimulus during a recession?
4. Friedman theorizes that in extreme cases where parents don't pay for schooling, the government could provide a ______.
5. In Friedman's opinion, what should individuals be allowed to do?
Short Essay Questions
1. What is the balance wheel theory?
2. What does Friedman say about public housing as a form of social welfare?
3. In Chapter 13, Friedman summarizes his examples. Which do you disagree with?
4. What is Friedman's recommendation to the Federal Reserve System?
5. What is the modern day definition of liberalism?
6. What does Friedman assert that capitalism has done for inequalities?
7. Explain "floating exchange rates."
8. How does Friedman argue that floating exchange rates can affect international trade?
9. Explain Friedman's voucher proposal.
10. What is Friedman's recommendation regarding an income tax?
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