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. What does Friedman believe will become self-regulating?
(a) Monetary stocks.
(b) The World Bank.
(c) The gold standard.
(d) Exchange rates.

2. Friedman hypothesizes that the change from free market societies to economic controlled ones led classical liberals to worry that it would ______ political freedom.
(a) Strengthen.
(b) Weaken.
(c) Bolster.
(d) Undermine.

3. What is the basic problem of social life for Friedman?
(a) How to coordinate the economic activities of large numbers of individuals.
(b) How to tax and provide responsively for the people.
(c) How to distribute wealth equitably.
(d) How to provide for entertainment opportunities.

4. What major event does Friedman strongly believe was a result of the government mishandling the money supply?
(a) None of the answers is correct.
(b) World War I.
(c) Prohibition.
(d) The Great Depression.

5. According to Friedman, what cannot exist without a literate and informed population?
(a) A well-armed militia.
(b) First world countries.
(c) A progressive political system.
(d) Democratic societies.

Short Answer Questions

1. Friedman believes that government that has the power to do good, also has the power to do ______.

2. Which term describes the purpose of federal spending?

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

4. What caused all the major nations to abandon the gold standard?

5. Friedman asserts that government restriction centralizes ______.

Short Essay Questions

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

2. Concerning business cycles that Friedman explains, what is one role of government?

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

4. What is the neighborhood effect?

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

6. What is fiscal policy?

7. What examples does Friedman give of when the Federal Reserve System mismanaged the money supply?

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

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

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

(see the answer keys)

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