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. In Friedman's opinion, what will check government power?

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

3. In Friedman's opinion, what should individuals be allowed to do?

4. Which of the following, for Friedman, is the most important factor for the Federal Reserve?

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

Short Essay Questions

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

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

3. Explain Friedman's voucher proposal.

4. What is meant by "paternalistic grounds"?

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

6. What is the neighborhood effect?

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

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

9. What is the balance wheel theory?

10. Concerning business cycles that Friedman explains, what is one role of government?

Essay Topics

Write an essay for ONE of the following topics:

Essay Topic 1

Friedman argues that government mishandling of the money supply produced the Great Depression. Examine Friedman's analysis of the Great Depression and determine if the Federal Reserve System caused the Great Depression.

Essay Topic 2

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.

Essay Topic 3

After describing the current international trade situation regarding government regulation of exchange rates and the price of gold, Friedman goes on to explain his free market solution. What is Friedman's solution? What are the positives and negatives with it? In your opinion, do you think it would work?

(see the answer keys)

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