Capitalism and Freedom Test | Mid-Book Test - Hard

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This test consists of 5 short answer questions, 10 short essay questions, and 1 (of 3) essay topics.

Short Answer Questions

1. What is one way Friedman believes some people criticize markets?

2. Friedman believes that vocational and professional schools should be totally ______ run.

3. What does Friedman believe will markets do over time to monopolies?

4. Friedman asserts that government restriction centralizes ______.

5. What does Friedman believe coordinates individuals over vast distances and across all belief systems?

Short Essay Questions

1. How does Friedman argue that floating exchange rates can affect international trade?

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

3. Explain the externalities argument that Friedman describes for government involvement in education

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

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

6. What is meant when Friedman states "Government as rule-maker and umpire"?

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

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

9. What is meant by "paternalistic grounds"?

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

Essay Topics

Write an essay for ONE of the following topics:

Essay Topic 1

Friedman condemns charitable giving by corporations and argues that they have no social responsibility. Determine if this is economically sound and true in today's society. Do you agree with Friedman's position?

Essay Topic 2

According to the author, government does have a role in a free society. Analyze Friedman's view of the appropriate role of government.

Essay Topic 3

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.

(see the answer keys)

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