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. Past and current definitions of liberalism are the same with respect to ______.

2. What term refers to the circumstance under which the action of one individual imposes significant costs on other individuals for which it is not feasible to make him compensate them?

3. A common misunderstanding of economic freedom, according to Friedman, is that it emphasizes ______.

4. One question Friedman asks is how we can stop government from destroying ______.

5. According to Friedman, which of the following is the least bad?

Short Essay Questions

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

2. What is meant by "paternalistic grounds"?

3. What reason does Friedman refute for government spending?

4. Where does Friedman believe power in government should be located?

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

6. What is the modern day definition of liberalism?

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

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

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

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

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 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 3

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?

(see the answer keys)

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