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

2. According to Friedman, what is a necessary condition for political freedom?

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

4. In Friedman's eyes, individual activities correspond to game players as the framework of law corresponds to______.

5. Friedman states that government should be ______.

Short Essay Questions

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

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

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

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

5. Why does Friedman believe government power should be limited?

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

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

8. What is the balance wheel theory?

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

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

Essay Topics

Write an essay for ONE of the following topics:

Essay Topic 1

Friedman makes a clear distinction between the historical usage of the term liberal and the present day definition. Compare and contrast the different uses of the term liberal.

Essay Topic 2

After describing the current international trade situation regarding government regulation of exchange rates and the price of gold, Friedman goes on to explain his free market solution. What is Friedman's solution? What are the positives and negatives with it? In your opinion, do you think it would work?

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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