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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. According to Friedman, what is lost when foreign exchange is controlled by the government?

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

4. What does Friedman assert is an example of an appropriate task for government?

5. A major point for Friedman is that politics and economics are not ______.

Short Essay Questions

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

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

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

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

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

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

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

8. Explain Friedman's voucher proposal.

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

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

Essay Topics

Write an essay for ONE of the following topics:

Essay Topic 1

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 2

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 3

Friedman describes the current international trade arrangements of his time. In Friedman's day, the value of currency was tied to the gold standard. This arrangement was known as the Bretton Woods system. Analyze this currency system. What is it? How did it work? What were the advantages and disadvantages of it? How does it compare with what we have in the present day?

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This section contains 752 words (approx. 3 pages at 300 words per page) View a FREE sample