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, it can be argued that private schools ______ class distinctions, and therefore need government intervention.

2. Friedman uses the example of selling ______ to demonstrate a true global economy.

3. Which type of education does Friedman not advocate the government paying for?

4. Friedman states that government should be ______.

5. Which of the following can be justified by Friedman for government interventions?

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. Explain the price system as described by Friedman.

4. What are Friedman's recommendations in order for stocks to become self-regulating?

5. If people were given cash instead of subsidies like food stamps, how might they would use it to get themselves out of poverty, and how might it be wasted?

6. What does Friedman say about public housing as a form of social welfare?

7. Explain "floating exchange rates."

8. What is the progressive income tax?

9. According to Friedman, is there any justification for government intervention when it comes to distributing wealth?

10. Who are the biggest advocates of occupational licensure that Friedman describes?

Essay Topics

Write an essay for ONE of the following topics:

Essay Topic 1

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 2

According to the author, government does have a role in a free society. Analyze Friedman's view of the appropriate role of government.

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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