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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. What does Friedman say can government not duplicate?

2. In Chapter 3, what does Friedman provide a history of?

3. According to Friedman, what is the Federal Reserve lacking?

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

5. What does Friedman believe is an appropriate rate of increase for the Federal Reserve?

Short Essay Questions

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

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

3. How does Friedman explain government's role in a free society?

4. What is the neighborhood effect?

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

6. Explain "floating exchange rates."

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

8. Explain the price system as described by Friedman.

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

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

Essay Topics

Write an essay for ONE of the following 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 theorizes that actions taken by the government to reduce competition, restrict free choice and raise prices have a negative effect on society. Analyze the various forms of monopolies and what the government's role should be.

Essay Topic 3

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

(see the answer keys)

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