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

2. Instead of government spending, what does Friedman advocate the government use to stabilize the economy?

3. Friedman advocates that government should not be a master, but a/an ______.

4. Friedman believes that free markets are not sufficient for political freedom since many countries demonstrate the possibility of ______.

5. What does Friedman claim that governments abuse?

Short Essay Questions

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

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

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

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

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

6. What does Friedman believe to be the cause of the Great Depression?

7. Explain the price system as described by Friedman.

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

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

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

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.

Essay Topic 2

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 3

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.

(see the answer keys)

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