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) Pollution.
(b) Welfare.
(c) Private education.
(d) Lack of voting.

2. What does Friedman use as an example of a use of government where individuals cannot consume individual amounts?
(a) Postal service.
(b) Healthcare.
(c) Education.
(d) National defense.

3. Friedman's theory on government intervention is that government is needed to be what regarding disputes?
(a) Groundskeeper.
(b) Umpire.
(c) Fan.
(d) Announcer.

4. Which of the following cannot be justified by Friedman for government interventions?
(a) Free speech.
(b) Roads.
(c) Vouchers for education.
(d) Public parks.

5. Friedman uses the example of selling ______ to demonstrate a true global economy.
(a) Rice.
(b) Oil.
(c) Wheat.
(d) Corn.

Short Answer Questions

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

2. Which term refers to the government stimulating spending?

3. According to Friedman, what is a necessary condition for political freedom?

4. Friedman asserts that the Federal Reserve created the major contractions of the following years except______.

5. According to Friedman, what is liberty's greatest enemy?

Short Essay Questions

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

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

3. What reason does Friedman refute for government spending?

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

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

6. What is meant when Friedman states "Government as rule-maker and umpire"?

7. Where does Friedman believe power in government should be located?

8. What is the neighborhood effect?

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

10. What is the multiplier effect?

(see the answer keys)

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