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. By Friedman's account, the market permits unanimity without ______.

2. Instead of government spending, what does Friedman advocate the government use to stabilize the economy?

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

4. According to Friedman, which of the following is the least bad?

5. According to Friedman, what is one problem with government stimulus during a recession?

Short Essay Questions

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

2. Explain Friedman's voucher proposal.

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

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

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

6. What is the modern day definition of liberalism?

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

8. What is meant by "paternalistic grounds"?

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

10. What is the multiplier effect?

Essay Topics

Write an essay for ONE of the following topics:

Essay Topic 1

Friedman gives many historical examples to illustrate his point about the relationship between economic and political freedom. Examine these historical examples and decide whether they prove Friedman's thesis.

Essay Topic 2

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 3

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.

(see the answer keys)

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