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 believes that economic control can lead to infringements on ______.
(a) Liberties.
(b) Social welfare.
(c) International trade.
(d) Licensing requirements.

2. Friedman's theory is that monetary exchange rates will allow trades across countries to ______ in accord with those rates.
(a) Increase.
(b) Stagnate.
(c) Decrease.
(d) Equilibrate.

3. What does Friedman believe needs protection in order for the freedom of the market to arise?
(a) Government.
(b) Citizens.
(c) Contracts.
(d) Religion.

4. In Friedman's opinion, what will check government power?
(a) A strong judicial system.
(b) A tripartite government.
(c) The people.
(d) A free market.

5. What caused all the major nations to abandon the gold standard?
(a) World War I.
(b) The Great Depression.
(c) World War II.
(d) Decline in the value of gold.

Short Answer Questions

1. According to Friedman, what is a necessary condition for political freedom?

2. What is the name of the system with the purpose of regulating monetary policy between leading countries?

3. In Chapter 3, what does Friedman provide a history of?

4. A key component of the government spending is the ______.

5. One question Friedman asks is how we can stop government from destroying ______.

Short Essay Questions

1. Explain "floating exchange rates."

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

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

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

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

6. Explain the price system as described by Friedman.

7. What is the multiplier effect?

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

9. What is fiscal policy?

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

(see the answer keys)

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