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 Federal Reserve's ability to produce more money than is deposited?

2. For Friedman, what is an all-embracing ethic?

3. Friedman advocates the end of ______.

4. What does Friedman assert is an example of an appropriate task for government?

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

Short Essay Questions

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

2. What is meant by "paternalistic grounds"?

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

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

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

6. What is the multiplier effect?

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

8. What is fiscal policy?

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

10. What is the relationship Friedman describes between economic freedom and political freedom?

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 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

After describing the current international trade situation regarding government regulation of exchange rates and the price of gold, Friedman goes on to explain his free market solution. What is Friedman's solution? What are the positives and negatives with it? In your opinion, do you think it would work?

(see the answer keys)

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