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 caused all the major nations to abandon the gold standard?
(a) Decline in the value of gold.
(b) World War II.
(c) World War I.
(d) The Great Depression.

2. In Friedman's opinion, what should individuals be allowed to do?
(a) Elect their own leaders.
(b) Pursue their own ends.
(c) Print their own money.
(d) Choose their own religion.

3. Friedman points out one idea that is often forgotten is that political and economic institutions have been ______.
(a) Suppressed.
(b) Autonomic.
(c) Free.
(d) Unfree.

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

5. According to Friedman, whom does free trade benefit?
(a) The wealthier trading country.
(b) Neither trading country.
(c) The poorer trading country.
(d) Both trading countries.

Short Answer Questions

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

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

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

4. Friedman theorizes that in extreme cases where parents don't pay for schooling, the government could provide a ______.

5. Friedman states that government should be ______.

Short Essay Questions

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

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

3. Explain the price system as described by Friedman.

4. What is fiscal policy?

5. What is the multiplier effect?

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

7. What is the neighborhood effect?

8. How does Friedman argue that floating exchange rates can affect international trade?

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

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

(see the answer keys)

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