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. Friedman believes that one governmental action that is justifiable is to set a ______ education level.

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

3. Originally, liberalism fought for freedom of thought, free-markets, free trade, constitutionalism, representative government, and ______.

4. Friedman points out one idea that is often forgotten is that political and economic institutions have been ______.

5. What does Friedman say can government not duplicate?

Short Essay Questions

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

2. What is fiscal policy?

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

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

5. What is the balance wheel theory?

6. Friedman explains that the economic activities of large numbers of individuals can be coordinated. In what two ways?

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

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

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

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

Essay Topics

Write an essay for ONE of the following topics:

Essay Topic 1

After describing the current international trade situation regarding government regulation of exchange rates and the price of gold, Friedman goes on to explain his free market solution. What is Friedman's solution? What are the positives and negatives with it? In your opinion, do you think it would work?

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

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

(see the answer keys)

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