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 states that government should be ______.

2. One argument for government spending that Friedman refutes is that it will reduce what?

3. What does Friedman prefer when it comes to exchange rates?

4. What is one example of a negative externality?

5. What is the name of the system with the purpose of regulating monetary policy between leading countries?

Short Essay Questions

1. Why does Friedman believe government power should be limited?

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

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

4. Explain "floating exchange rates."

5. What is the balance wheel theory?

6. What reason does Friedman refute for government spending?

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

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

9. What is fiscal policy?

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

Essay Topics

Write an essay for ONE of the following topics:

Essay Topic 1

Friedman gives many historical examples to illustrate his point about the relationship between economic and political freedom. Examine these historical examples and decide whether they prove Friedman's thesis.

Essay Topic 2

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 3

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.

(see the answer keys)

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