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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. In Friedman's time, what was illegal to buy or sell?

2. What major event does Friedman strongly believe was a result of the government mishandling the money supply?

3. A common misunderstanding of economic freedom, according to Friedman, is that it emphasizes ______.

4. Besides enforcing contracts, what one other thing does Friedman say government should do?

5. Friedman advocates the end of ______.

Short Essay Questions

1. What is fiscal policy?

2. What does Friedman think of the remark, "Ask not what your country can do for you, ask what you can do for your country"?

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

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

5. What reason does Friedman refute for government spending?

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

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

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

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

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

Essay Topics

Write an essay for ONE of the following topics:

Essay Topic 1

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.

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 articulates one solution for government involvement in education: vouchers. Analyze Friedman's voucher proposal to the current day voucher proposal and decide whether this would be a good solution to improve education.

(see the answer keys)

This section contains 645 words (approx. 3 pages at 300 words per page) View a FREE sample