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. According to Friedman, the market enables wide diversity, meaning power can be located in ______.
(a) The hands of many.
(b) The hands of a few.
(c) Large pockets with limited interests.
(d) Small pockets of individual actors.

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

3. The original balancing thought is based on whose economic philosophy?
(a) Krugman.
(b) Smith.
(c) Marx.
(d) Keynes.

4. What is one way Friedman believes some people criticize markets?
(a) It inequitably distributes wealth.
(b) It gives people what they want.
(c) It hurts those in power.
(d) It limits people's choices.

5. Which of the following does Friedman dispute?
(a) The gold standard for backing money is good.
(b) A free market economic system works.
(c) The Central Bank holds too much power.
(d) Government should stay out of individual economic choices.

Short Answer Questions

1. Friedman points out one idea that is often forgotten is that political and economic institutions have been ______.

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

3. In the market described by Friedman, exchanges between households are ______.

4. In Chapter 3, what does Friedman provide a history of?

5. Friedman asserts that government restriction centralizes ______.

Short Essay Questions

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

2. According to Friedman, what is the difference between schooling and education? What does the government do?

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

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

5. What reason does Friedman refute for government spending?

6. What is fiscal policy?

7. Concerning business cycles that Friedman explains, what is one role of government?

8. Friedman explains that the economic activities of large numbers of individuals can be coordinated. In what two ways?

9. Explain Friedman's voucher proposal.

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

(see the answer keys)

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