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

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. What is the name of the system with the purpose of regulating monetary policy between leading countries?

4. What is one example of a negative externality?

5. Friedman believes that free markets are not sufficient for political freedom since many countries demonstrate the possibility of ______.

Short Essay Questions

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

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

3. Explain the price system as described by Friedman.

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

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

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

7. What was the definition of liberalism prior to 1900?

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

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

10. What reason does Friedman refute for government spending?

Essay Topics

Write an essay for ONE of the following topics:

Essay Topic 1

Chapter 7 is arguably Friedman's most controversial chapter because of his views of government intervention in discrimination. Friedman, the free market capitalist, believes that government should not have laws based on race and people should be free to shop, purchase, and hire wherever they choose. Analyze Friedman's argument and examine the historical examples he gives to support his opinion.

Essay Topic 2

Friedman articulates one solution for government involvement in education: vouchers. Analyze Friedman's voucher proposal to the current day voucher proposal and decide whether this would be a good solution to improve education.

Essay Topic 3

According to the author, government does have a role in a free society. Analyze Friedman's view of the appropriate role of government.

(see the answer keys)

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