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

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

4. One question Friedman asks is how we can stop government from destroying ______.

5. According to Friedman, which of the following is the least bad?

Short Essay Questions

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

2. What is meant by "paternalistic grounds"?

3. What reason does Friedman refute for government spending?

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

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

6. What is the modern day definition of liberalism?

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

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

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

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

Essay Topics

Write an essay for ONE of the following topics:

Essay Topic 1

Friedman advocates for the end of the progressive income tax in favor of a flat tax. Why is he against the progressive income tax? What are the benefits to a flat tax? In an essay, analyze Friedman's claims on the progressive income tax.

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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