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 does Friedman use as an example of a use of government where individuals cannot consume individual amounts?

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

3. Which term describes the purpose of federal spending?

4. What does Friedman believe coordinates individuals over vast distances and across all belief systems?

5. The original balancing thought is based on whose economic philosophy?

Short Essay Questions

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

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

3. What is the neighborhood effect?

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

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

6. What is the multiplier effect?

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

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

9. Concerning business cycles that Friedman explains, what is one role of government?

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

Essay Topics

Write an essay for ONE of the following topics:

Essay Topic 1

Friedman argues that government mishandling of the money supply produced the Great Depression. Examine Friedman's analysis of the Great Depression and determine if the Federal Reserve System caused the Great Depression.

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 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?

(see the answer keys)

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