Mid-Book Test - Hard
|Name: _____________________________||Period: ___________________________|
This quiz consists of 5 short answer questions, 10 short essay questions, and 1 (of 3) essay topics.
Short Answer Questions
1. Which term describes the purpose of federal spending?
2. Friedman's evidence suggests that for every $100 of government spending, a certain amount is added to income. How much?
3. How are decisions, for Friedman, made where unanimity is a costly way of making decisions?
4. Which of the following can be justified by Friedman for government interventions?
5. In Friedman's analysis, what century is the historical exception to most men living in tyranny, servitude, and misery?
Short Essay Questions
1. What examples does Friedman give of when the Federal Reserve System mismanaged the money supply?
2. What are two problems with monopolies for the liberal?
3. Friedman accepts the reasoning that justifies "governmental action to alleviate poverty" (p. 191). What two issues must be addressed in order for this to happen?
4. What does Friedman assert that capitalism has done for inequalities?
5. Explain the paternalistic argument that Friedman describes for government involvement in education.
6. What recommendations would Friedman give to a president about an economic downturn?
7. According to Friedman what is the role of government?
8. What does Friedman believe to be the cause of the Great Depression?
9. What is Friedman's definition of political freedom? Of economic freedom?
10. According to Friedman, do monopolies have any sort of "social responsibility"?
Milton Friedman (1912--2006) was a Nobel Laureate economist, who not only made important theoretical contributions but also was deeply influential across the world in policy. He was a prominent figure in the conservative and libertarian movements of the late 20th century and promoted classical liberal ideas in his many popular works, including not only books but also videos, lectures, and magazine columns. Friedman published "Capitalism and Freedom" in 1962 and the book has sold half a million copies since. Write an informational essay on Friedman including his early life, academics, Nobel Prize, famous ideas, published works, and lasting impacts.
Friedman advocates for the end of the progressive income tax in favor of a flat tax. Why is he against the progressive income tax? What are the benefits to a flat tax? In an essay, analyze Friedman's claims on the progressive income tax.
Friedman articulates that economic freedom is necessary for political freedom. Analyze the factors necessary for economic freedom to occur and explain where government intervention is appropriate.
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