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, it can be argued that private schools ______ class distinctions, and therefore need government intervention.
(a) Diminish.
(b) Increase.
(c) Maintain.
(d) Exacerbate.

2. Who does Friedman state rejects the view that the government is the patron or master of the citizenry?
(a) The poor man.
(b) The educated man.
(c) The free man.
(d) The rich man.

3. Besides enforcing contracts, what one other thing does Friedman say government should do?
(a) Protect against external threats.
(b) Regulate commerce.
(c) Provide for public transportation.
(d) Secure a country's borders.

4. Friedman believes that government that has the power to do good, also has the power to do ______.
(a) Wrong.
(b) Right.
(c) Bad.
(d) Nothing.

5. Friedman states that the problem with teacher salaries is not that they are too low, but that they are ______.
(a) The same regardless of quality.
(b) Not inclusive of benefits.
(c) Linked to the amount of education the teacher has.
(d) Computed based on seniority.

Short Answer Questions

1. Friedman believes that economic control can lead to infringements on ______.

2. According to Friedman, what is lost when foreign exchange is controlled by the government?

3. What does Friedman say can government not duplicate?

4. What does Friedman claim that governments abuse?

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

Short Essay Questions

1. What is the neighborhood effect?

2. Explain the price system as described by Friedman.

3. What is the modern day definition of liberalism?

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

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

6. What is meant by "paternalistic grounds"?

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

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

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

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

(see the answer keys)

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