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 does Friedman believe will become self-regulating?
(a) Exchange rates.
(b) The gold standard.
(c) The World Bank.
(d) Monetary stocks.

2. In Friedman's opinion, what will check government power?
(a) A free market.
(b) The people.
(c) A tripartite government.
(d) A strong judicial system.

3. According to Friedman, what conflicts with one another for men?
(a) Religious beliefs.
(b) Absolute freedom.
(c) Economic interests.
(d) Political ideology.

4. 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.

5. According to Friedman, which of the following is the least bad?
(a) Private monopoly.
(b) Public regulation.
(c) Private regulation.
(d) Public monopoly.

Short Answer Questions

1. What does Friedman assert is an example of an appropriate task for government?

2. One argument for government spending that Friedman refutes is that it will reduce what?

3. Which of the following can be justified by Friedman for government interventions?

4. What does Friedman say can government not duplicate?

5. Friedman believes that vocational and professional schools should be totally ______ run.

Short Essay Questions

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

2. Does Friedman believe that most societies have been free or not free?

3. Explain Friedman's voucher proposal.

4. What is Friedman's recommendation to the Federal Reserve System?

5. How does Friedman explain government's role in a free society?

6. Explain the externalities argument that Friedman describes for government involvement in education

7. What is the neighborhood effect?

8. What is meant by "paternalistic grounds"?

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

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

(see the answer keys)

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