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

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

3. For Friedman, what is something that when privately owned can be used if the price is right?

4. A common misunderstanding of economic freedom, according to Friedman, is that it emphasizes ______.

5. Friedman defines a country as a collection of ______.

Short Essay Questions

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

2. What is the modern day definition of liberalism?

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

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

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

6. What is fiscal policy?

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

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

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

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

Essay Topics

Write an essay for ONE of the following topics:

Essay Topic 1

Friedman describes the current international trade arrangements of his time. In Friedman's day, the value of currency was tied to the gold standard. This arrangement was known as the Bretton Woods system. Analyze this currency system. What is it? How did it work? What were the advantages and disadvantages of it? How does it compare with what we have in the present day?

Essay Topic 2

Friedman condemns charitable giving by corporations and argues that they have no social responsibility. Determine if this is economically sound and true in today's society. Do you agree with Friedman's position?

Essay Topic 3

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.

(see the answer keys)

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