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

2. What does Friedman say can government not duplicate?
(a) The power of local control.
(b) The creativity of the individual.
(c) An international monitoring system.
(d) The free market economic system.

3. In Chapter 3, what does Friedman provide a history of?
(a) British colonialism.
(b) American monetary policy.
(c) World War I.
(d) The Federal Reserve System.

4. Friedman uses the example of selling ______ to demonstrate a true global economy.
(a) Rice.
(b) Corn.
(c) Oil.
(d) Wheat.

5. Friedman believes that free markets are not sufficient for political freedom since many countries demonstrate the possibility of ______.
(a) Economic freedom.
(b) Laissez-faire markets.
(c) Dictatorial government.
(d) Authoritarian capitalism.

Short Answer Questions

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

2. Friedman states that the problem with teacher salaries is not that they are too low, but that they are ______.

3. In Friedman's opinion, what should individuals be allowed to do?

4. Friedman asserts that government restriction centralizes ______.

5. What does Friedman claim that governments abuse?

Short Essay Questions

1. Explain the price system as described by Friedman.

2. What is the neighborhood effect?

3. What reason does Friedman refute for government spending?

4. What is the balance wheel theory?

5. Where does Friedman believe power in government should be located?

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

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

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

9. What is the relationship Friedman describes between economic freedom and political freedom?

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

(see the answer keys)

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