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. Past and current definitions of liberalism are the same with respect to ______.

2. According to Friedman, what conflicts with one another for men?

3. Who does Friedman state rejects the view that the government is the patron or master of the citizenry?

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

5. Which term refers to the government stimulating spending?

Short Essay Questions

1. Explain the price system as described by Friedman.

2. What is fiscal policy?

3. What is meant by "paternalistic grounds"?

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

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

6. Why does Friedman believe government power should be limited?

7. What is the balance wheel theory?

8. What is the modern day definition of liberalism?

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

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

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

Essay Topic 3

Friedman disagrees with the multiplier effect, a Keynesian theory, reasoning for government spending. Analyze the multiplier effect and examine the man who propagates the theory, John Maynard Keynes.

(see the answer keys)

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