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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 asserts that the Federal Reserve created the major contractions of the following years except______.

2. Which type of education does Friedman not advocate the government paying for?

3. What is the basic problem of social life for Friedman?

4. Friedman's theory on government intervention is that government is needed to be what regarding disputes?

5. Which of the following cannot be justified by Friedman for government interventions?

Short Essay Questions

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

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

3. What is the neighborhood effect?

4. Concerning business cycles that Friedman explains, what is one role of government?

5. What is fiscal policy?

6. What is the multiplier effect?

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

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

9. What is meant by "paternalistic grounds"?

10. Explain how international currency rates have changed since 1900.

Essay Topics

Write an essay for ONE of the following topics:

Essay Topic 1

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

Essay Topic 2

Friedman argues that government mishandling of the money supply produced the Great Depression. Examine Friedman's analysis of the Great Depression and determine if the Federal Reserve System caused the Great Depression.

Essay Topic 3

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.

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This section contains 600 words (approx. 2 pages at 300 words per page) View a FREE sample