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 asserts that government restriction centralizes ______.

2. A major point for Friedman is that politics and economics are not ______.

3. Friedman advocates that individuals should be able to buy and sell ______.

4. For Friedman, where is the best place for power to be held?

5. Friedman advocates the end of ______.

Short Essay Questions

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

2. What does Friedman believe to be the cause of the Great Depression?

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

4. What is the neighborhood effect?

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

6. What reason does Friedman refute for government spending?

7. Explain "floating exchange rates."

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

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

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

Essay Topics

Write an essay for ONE of the following topics:

Essay Topic 1

Friedman makes a clear distinction between the historical usage of the term liberal and the present day definition. Compare and contrast the different uses of the term liberal.

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 discusses the role of government in education. He says that the government can require education because a democratic society cannot exist without a literate and informed population. Focusing on compulsory education, analyze the role of government in education.

(see the answer keys)

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