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. In the market described by Friedman, exchanges between households are ______.

2. What is one way Friedman believes some people criticize markets?

3. One solution Friedman proposes is to give parents ______ for schooling.

4. What does Friedman believe is an appropriate rate of increase for the Federal Reserve?

5. 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?

Short Essay Questions

1. What does Friedman think of the remark, "Ask not what your country can do for you, ask what you can do for your country"?

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

3. What is the neighborhood effect?

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

5. Explain "floating exchange rates."

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

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

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

9. What does Friedman believe to be the cause of the Great Depression?

10. What is the multiplier effect?

Essay Topics

Write an essay for ONE of the following topics:

Essay Topic 1

What is Friedman's stance on social welfare? Using examples from the text, explain his position and then advocate or rebut his position.

Essay Topic 2

Friedman uses two reasons to justify government intervention: the neighborhood effect and paternalism. Analyze these reasons and determine whether they are sufficient justifications for government intervention.

Essay Topic 3

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.

(see the answer keys)

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