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 does Friedman assert is an example of an appropriate task for government?

2. According to Friedman, what is liberty's greatest enemy?

3. Which of the following cannot be justified by Friedman for government interventions?

4. Friedman's theory on government intervention is that government is needed to be what regarding disputes?

5. Friedman argues against the theory that $100 in government spending will increase income by ______.

Short Essay Questions

1. What is meant by "paternalistic grounds"?

2. Explain "floating exchange rates."

3. What is the multiplier effect?

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

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

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

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

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

9. What is fiscal policy?

10. Does Friedman believe that most societies have been free or not free?

Essay Topics

Write an essay for ONE of the following topics:

Essay Topic 1

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.

Essay Topic 2

What is Friedman's stance on social welfare? Using examples from the text, explain his position and then advocate or rebut his position.

Essay Topic 3

Friedman published "Capitalism and Freedom" in 1962. It is one of Friedman's attempts to spread free-market ideas to the public at large. The book advocates a number of free-market proposals, many of which, such as floating exchange rates and flat taxes, are implemented across the world today and seem commonplace. However, many of his more radical ideas remain controversial, such as school vouchers, or are totally ignored, like ending occupational licensure. In an essay, examine the historical context of Friedman's work and analyze the major movements of the time that may have influenced his views.

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