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. One role of government argued by the New Deal was to ______.

2. The thought that the best use of government spending would be on useless projects is known as ______.

3. According to Friedman, the market enables wide diversity, meaning power can be located in ______.

4. What term refers to the argument for education that parents will not do best for their children?

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

Short Essay Questions

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

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

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

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

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

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

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

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

9. What is the balance wheel theory?

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

What is the balance wheel theory of intervention? What is Friedman's view on it?

Essay Topic 2

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.

Essay Topic 3

Friedman articulates that economic freedom is necessary for political freedom. Analyze the factors necessary for economic freedom to occur and explain where government intervention is appropriate.

(see the answer keys)

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