Capitalism and Freedom Test | Mid-Book Test - Medium

This set of Lesson Plans consists of approximately 110 pages of tests, essay questions, lessons, and other teaching materials.

Capitalism and Freedom Test | Mid-Book Test - Medium

This set of Lesson Plans consists of approximately 110 pages of tests, essay questions, lessons, and other teaching materials.
Buy the Capitalism and Freedom Lesson Plans
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This test consists of 5 multiple choice questions, 5 short answer questions, and 10 short essay questions.

Multiple Choice Questions

1. By Friedman's account, the market permits unanimity without ______.
(a) Freedom.
(b) Conformity.
(c) Resentment.
(d) Solitude.

2. According to Friedman, what cannot exist without a literate and informed population?
(a) Democratic societies.
(b) First world countries.
(c) A well-armed militia.
(d) A progressive political system.

3. What term refers to the argument for education that parents will not do best for their children?
(a) Paternalistic.
(b) Maternalistic.
(c) Employment.
(d) Sacrificial.

4. The original balancing thought is based on whose economic philosophy?
(a) Marx.
(b) Smith.
(c) Krugman.
(d) Keynes.

5. How are decisions, for Friedman, made where unanimity is a costly way of making decisions?
(a) Majority rule.
(b) Executive decision.
(c) A system of checks and balances.
(d) Decisions by committee.

Short Answer Questions

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

2. What does Friedman believe will markets do over time to monopolies?

3. A key component of the government spending is the ______.

4. What is the term for currency not being traded for any amount of another currency?

5. Friedman uses the example of selling ______ to demonstrate a true global economy.

Short Essay Questions

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

2. According to Friedman what is the role of government?

3. What is the modern day definition of liberalism?

4. What is meant by "paternalistic grounds"?

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

6. What is the balance wheel theory?

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

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

9. What is the neighborhood effect?

10. What is the multiplier effect?

(see the answer keys)

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