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. The thought that the best use of government spending would be on useless projects is known as ______.

2. What does Friedman believe needs protection in order for the freedom of the market to arise?

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

4. In Friedman's analysis, what century is the historical exception to most men living in tyranny, servitude, and misery?

5. What term refers to the argument for education that parents will not do best for their children?

Short Essay Questions

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

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

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

4. What reason does Friedman refute for government spending?

5. According to Friedman, what is the difference between schooling and education? What does the government do?

6. What are Friedman's recommendations in order for stocks to become self-regulating?

7. What does Friedman think of the remark, "Ask not what your country can do for you, ask what you can do for your country"?

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

9. What is the balance wheel theory?

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

Essay Topics

Write an essay for ONE of the following topics:

Essay Topic 1

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 2

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 3

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.

(see the answer keys)

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