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. Which term refers to the government stimulating spending?

2. Friedman states that government should be ______.

3. What does Friedman say can government not duplicate?

4. What is the term for currency not being traded for any amount of another currency?

5. Friedman states that the problem with teacher salaries is not that they are too low, but that they are ______.

Short Essay Questions

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

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

3. Explain how international currency rates have changed since 1900.

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

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

6. How does Friedman explain government's role in a free society?

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

8. Does Friedman believe that most societies have been free or not free?

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

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

Essay Topics

Write an essay for ONE of the following topics:

Essay Topic 1

Friedman discusses the role of government in education. He says that the government can require education because a democratic society cannot exist without a literate and informed population. Focusing on compulsory education, analyze the role of government in education.

Essay Topic 2

Friedman describes the current international trade arrangements of his time. In Friedman's day, the value of currency was tied to the gold standard. This arrangement was known as the Bretton Woods system. Analyze this currency system. What is it? How did it work? What were the advantages and disadvantages of it? How does it compare with what we have in the present day?

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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