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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 term refers to the Federal Reserve's ability to produce more money than is deposited?

2. For Friedman, what is something that when privately owned can be used if the price is right?

3. For Friedman, what is an all-embracing ethic?

4. What does Friedman believe needs protection in order for the freedom of the market to arise?

5. Friedman advocates that individuals should be able to buy and sell ______.

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. Explain the price system as described by Friedman.

4. What is meant when Friedman states "Government as rule-maker and umpire"?

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

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

7. Explain Friedman's voucher proposal.

8. What is meant by "paternalistic grounds"?

9. What reason does Friedman refute for government spending?

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

Essay Topics

Write an essay for ONE of the following topics:

Essay Topic 1

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.

Essay Topic 2

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 3

What is Friedman's stance on social welfare? Using examples from the text, explain his position and then advocate or rebut his position.

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