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) 19th.
(b) 17th.
(c) 18th.
(d) 20th.

2. Friedman asserts that government restriction centralizes ______.
(a) Elitism.
(b) Wealth.
(c) Goods.
(d) Power.

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

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

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

Short Answer Questions

1. How are decisions, for Friedman, made where unanimity is a costly way of making decisions?

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

3. Who does Friedman think should set exchange rates?

4. Friedman uses the example of selling ______ to demonstrate a true global economy.

5. For Friedman, where is the best place for power to be held?

Short Essay Questions

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

2. What does Friedman assert that capitalism has done for inequalities?

3. According to Friedman, is there any justification for government intervention when it comes to distributing wealth?

4. Explain Friedman's voucher proposal.

5. Explain "floating exchange rates."

6. Why does Friedman believe government power should be limited?

7. According to Friedman, do monopolies have any sort of "social responsibility"?

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

9. Do you think doctors should be required to obtain a license?

10. What is the neighborhood effect?

(see the answer keys)

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