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

2. 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?

3. In Friedman's time, what was illegal to buy or sell?

4. Who does Friedman think should set exchange rates?

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

Short Essay Questions

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

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

3. Where does Friedman believe power in government should be located?

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

5. What is the balance wheel theory?

6. Explain "floating exchange rates."

7. What is the modern day definition of liberalism?

8. Explain how international currency rates have changed since 1900.

9. What is the multiplier effect?

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

Essay Topics

Write an essay for ONE of the following topics:

Essay Topic 1

Friedman published "Capitalism and Freedom" in 1962. It is one of Friedman's attempts to spread free-market ideas to the public at large. The book advocates a number of free-market proposals, many of which, such as floating exchange rates and flat taxes, are implemented across the world today and seem commonplace. However, many of his more radical ideas remain controversial, such as school vouchers, or are totally ignored, like ending occupational licensure. In an essay, examine the historical context of Friedman's work and analyze the major movements of the time that may have influenced his views.

Essay Topic 2

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?

Essay Topic 3

Friedman discusses the role of government in education. He says that the government can require education because a democratic society cannot exist without a literate and informed population. Focusing on compulsory education, analyze the role of government in education.

(see the answer keys)

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