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. In Friedman's analysis, what century is the historical exception to most men living in tyranny, servitude, and misery?
(a) 17th.
(b) 19th.
(c) 20th.
(d) 18th.

2. Friedman believes that vocational and professional schools should be totally ______ run.
(a) Publicly.
(b) Governmentally.
(c) Cooperatively.
(d) Privately.

3. Friedman asserts that current liberalism is tied to the state management of ______.
(a) Social welfare.
(b) The educational system.
(c) The electoral vote.
(d) The economy.

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

5. In the market described by Friedman, exchanges between households are ______.
(a) Coerced.
(b) Unwilling.
(c) Obligatory.
(d) Voluntary.

Short Answer Questions

1. The original balancing thought is based on whose economic philosophy?

2. Friedman asserts that government is needed for the ______.

3. Friedman asserts that government restriction centralizes ______.

4. What is one way Friedman believes some people criticize markets?

5. Friedman's theory on government intervention is that government is needed to be what regarding disputes?

Short Essay Questions

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

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

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

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

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

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

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

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

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

10. What is the neighborhood effect?

(see the answer keys)

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