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 believe is one drawback of the Federal Reserve having so much power?

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

3. What does Friedman believe will markets do over time to monopolies?

4. Which term describes the purpose of federal spending?

5. According to Friedman, what is a necessary condition for political freedom?

Short Essay Questions

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

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

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

4. What is Friedman's recommendation to the Federal Reserve System?

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

6. What is the modern day definition of liberalism?

7. What is meant by "paternalistic grounds"?

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

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

10. What is the multiplier effect?

Essay Topics

Write an essay for ONE of the following topics:

Essay Topic 1

Friedman disagrees with the multiplier effect, a Keynesian theory, reasoning for government spending. Analyze the multiplier effect and examine the man who propagates the theory, John Maynard Keynes.

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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