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. One role of government argued by the New Deal was to ______.

2. In Friedman's mind, why is centralization attractive to many?

3. What does Friedman use as an example of a use of government where individuals cannot consume individual amounts?

4. The original balancing thought is based on whose economic philosophy?

5. According to Friedman, it can be argued that private schools ______ class distinctions, and therefore need government intervention.

Short Essay Questions

1. Explain how international currency rates have changed since 1900.

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

3. In Chapter 13, Friedman summarizes his examples. Which do you disagree with?

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

5. What is meant when Friedman states "Government as rule-maker and umpire"?

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

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

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

9. Friedman accepts the reasoning that justifies "governmental action to alleviate poverty" (p. 191). What two issues must be addressed in order for this to happen?

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

Essay 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 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

Friedman articulates that economic freedom is necessary for political freedom. Analyze the factors necessary for economic freedom to occur and explain where government intervention is appropriate.

(see the answer keys)

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