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 defines a country as a collection of ______.

2. In Friedman's opinion, what should individuals be allowed to do?

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

4. Friedman believes that vocational and professional schools should be totally ______ run.

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

Short Essay Questions

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

2. What is occupational licensure?

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

4. What is the progressive income tax?

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

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

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

8. What are Friedman's recommendations in order for stocks to become self-regulating?

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

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

Essay Topics

Essay Topic 1

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.

Essay Topic 2

Friedman uses two reasons to justify government intervention: the neighborhood effect and paternalism. Analyze these reasons and determine whether they are sufficient justifications for government intervention.

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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