Capitalism and Freedom Test | Mid-Book Test - Hard

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Mid-Book Test - Hard

Name: _________________________ Period: ___________________

This test consists of 5 short answer questions, 10 short essay questions, and 1 (of 3) essay topics.

Short Answer Questions

1. Which term describes the purpose of federal spending?

2. Friedman's evidence suggests that for every $100 of government spending, a certain amount is added to income. How much?

3. How are decisions, for Friedman, made where unanimity is a costly way of making decisions?

4. Which of the following can be justified by Friedman for government interventions?

5. In Friedman's analysis, what century is the historical exception to most men living in tyranny, servitude, and misery?

Short Essay Questions

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

2. What are two problems with monopolies for the liberal?

3. Friedman accepts the reasoning that justifies "governmental action to alleviate poverty" (p. 191). What two issues must be addressed in order for this to happen?

4. What does Friedman assert that capitalism has done for inequalities?

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

6. What recommendations would Friedman give to a president about an economic downturn?

7. According to Friedman what is the role of government?

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

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

10. According to Friedman, do monopolies have any sort of "social responsibility"?

Essay Topics

Essay Topic 1

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 2

Friedman argues against licensure in general. Examine Friedman's arguments against this topic and critique his examples.

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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