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. Friedman asserts that current liberalism is tied to the state management of ______.

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

3. In Friedman's analysis, what century is the historical exception to most men living in tyranny, servitude, and misery?

4. Friedman hypothesizes that the change from free market societies to economic controlled ones led classical liberals to worry that it would ______ political freedom.

5. Friedman believes that government that has the power to do good, also has the power to do ______.

Short Essay Questions

1. Explain the price system as described by Friedman.

2. What is meant by "paternalistic grounds"?

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

4. How does Friedman explain government's role in a free society?

5. What is Friedman's recommendation to the Federal Reserve System?

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

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

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

9. What examples does Friedman give of appropriate roles of government in a free society?

10. What reason does Friedman refute for government spending?

Essay Topics

Write an essay for ONE of the following topics:

Essay Topic 1

Milton Friedman (1912--2006) was a Nobel Laureate economist, who not only made important theoretical contributions but also was deeply influential across the world in policy. He was a prominent figure in the conservative and libertarian movements of the late 20th century and promoted classical liberal ideas in his many popular works, including not only books but also videos, lectures, and magazine columns. Friedman published "Capitalism and Freedom" in 1962 and the book has sold half a million copies since. Write an informational essay on Friedman including his early life, academics, Nobel Prize, famous ideas, published works, and lasting impacts.

Essay Topic 2

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 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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