Capitalism and Freedom Test | Mid-Book Test - Hard

This set of Lesson Plans consists of approximately 110 pages of tests, essay questions, lessons, and other teaching materials.

Capitalism and Freedom Test | Mid-Book Test - Hard

This set of Lesson Plans consists of approximately 110 pages of tests, essay questions, lessons, and other teaching materials.
Buy the Capitalism and Freedom Lesson Plans
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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. A key component of the government spending is the ______.

2. What term refers to the circumstance under which the action of one individual imposes significant costs on other individuals for which it is not feasible to make him compensate them?

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

4. What does Friedman believe will markets do over time to monopolies?

5. Which type of education does Friedman not advocate the government paying for?

Short Essay Questions

1. Friedman explains that the economic activities of large numbers of individuals can be coordinated. In what two ways?

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

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

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

5. What reason does Friedman refute for government spending?

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

7. What is fiscal policy?

8. What is the multiplier effect?

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

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

Essay Topics

Write an essay for ONE of the following topics:

Essay Topic 1

Friedman argues against licensure in general. Examine Friedman's arguments against this topic and critique his examples.

Essay Topic 2

Friedman describes the current international trade arrangements of his time. In Friedman's day, the value of currency was tied to the gold standard. This arrangement was known as the Bretton Woods system. Analyze this currency system. What is it? How did it work? What were the advantages and disadvantages of it? How does it compare with what we have in the present day?

Essay Topic 3

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.

(see the answer keys)

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