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

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

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

4. For Friedman, what is something that when privately owned can be used if the price is right?

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

Short Essay Questions

1. What recommendations would Friedman give to a president about an economic downturn?

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

3. What is the problem for Friedman with fair employment commission legislation?

4. What does Friedman believe are the effects of minimum wage laws?

5. If people were given cash instead of subsidies like food stamps, how might they would use it to get themselves out of poverty, and how might it be wasted?

6. Who are the biggest advocates of occupational licensure that Friedman describes?

7. What is the progressive income tax?

8. What is Friedman's recommendation to the Federal Reserve System?

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

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

Essay Topics

Write an essay for ONE of the following topics:

Essay Topic 1

Friedman disagrees with the multiplier effect, a Keynesian theory, reasoning for government spending. Analyze the multiplier effect and examine the man who propagates the theory, John Maynard Keynes.

Essay Topic 2

Friedman theorizes that actions taken by the government to reduce competition, restrict free choice and raise prices have a negative effect on society. Analyze the various forms of monopolies and what the government's role should be.

Essay Topic 3

Chapter 7 is arguably Friedman's most controversial chapter because of his views of government intervention in discrimination. Friedman, the free market capitalist, believes that government should not have laws based on race and people should be free to shop, purchase, and hire wherever they choose. Analyze Friedman's argument and examine the historical examples he gives to support his opinion.

(see the answer keys)

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