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. Originally, liberalism fought for freedom of thought, free-markets, free trade, constitutionalism, representative government, and ______.
(a) The rule of law.
(b) Rights of the poor.
(c) Fair trade.
(d) A welfare state.

2. A major point for Friedman is that politics and economics are not ______.
(a) Autonomous.
(b) Separate.
(c) Together.
(d) United.

3. Friedman believes that one governmental action that is justifiable is to set a ______ education level.
(a) Standard.
(b) Maximum.
(c) Rational.
(d) Minimum.

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

5. What does Friedman claim that governments abuse?
(a) The trust of the people.
(b) Ability to issue stocks.
(c) The power to determine taxes.
(d) Commodity standards.

Short Answer Questions

1. According to Friedman, what is one problem with government stimulus during a recession?

2. In Friedman's opinion, what will check government power?

3. Friedman hypothesizes that the change from free market societies to economic controlled ones led classical liberals to worry that it would ______ political freedom.

4. A key component of the government spending is the ______.

5. Friedman asserts that government restriction centralizes ______.

Short Essay Questions

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

2. Explain "floating exchange rates."

3. What reason does Friedman refute for government spending?

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

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

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

7. What is the multiplier effect?

8. Explain Friedman's voucher proposal.

9. Why does Friedman believe government power should be limited?

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

(see the answer keys)

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