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. A major point for Friedman is that politics and economics are not ______.

2. Friedman's theory on government intervention is that government is needed to be what regarding disputes?

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

4. Who does Friedman state rejects the view that the government is the patron or master of the citizenry?

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

Short Essay Questions

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

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

3. What is the modern day definition of liberalism?

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

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

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

7. Explain Friedman's voucher proposal.

8. What is Friedman's definition of political freedom? Of economic freedom?

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

10. Explain the price system as described by Friedman.

Essay Topics

Write an essay for ONE of the following topics:

Essay Topic 1

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.

Essay Topic 2

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 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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