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

2. What term refers to the argument for education that parents will not do best for their children?
(a) Maternalistic.
(b) Employment.
(c) Paternalistic.
(d) Sacrificial.

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

4. What term refers to the Federal Reserve's ability to produce more money than is deposited?
(a) Reserve ability production.
(b) Overdraft protection.
(c) Percent fulfillment banking.
(d) Fractional reserve banking.

5. By Friedman's account, the market permits unanimity without ______.
(a) Freedom.
(b) Resentment.
(c) Conformity.
(d) Solitude.

Short Answer Questions

1. In Friedman's mind, why is centralization attractive to many?

2. What major event does Friedman strongly believe was a result of the government mishandling the money supply?

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

4. According to Friedman, what is the Federal Reserve lacking?

5. Friedman asserts that current liberalism is tied to the state management of ______.

Short Essay Questions

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

2. What is the modern day definition of liberalism?

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

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

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

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

7. What reason does Friedman refute for government spending?

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

9. What does Friedman think of the remark, "Ask not what your country can do for you, ask what you can do for your country"?

10. Explain the price system as described by Friedman.

(see the answer keys)

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