View a FREE sample

This test consists of 5 short answer questions, 10 short essay questions, and 1 (of 3) essay topics.

Short Answer Questions

1. What does Friedman believe is one drawback of the Federal Reserve having so much power?

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

3. Friedman asserts that government is needed for the ______.

4. Instead of government spending, what does Friedman advocate the government use to stabilize the economy?

5. Friedman believes that one governmental action that is justifiable is to set a ______ education level.

Short Essay Questions

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

2. What reason does Friedman refute for government spending?

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

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

5. Explain the externalities argument that Friedman describes for government involvement in education

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

7. Explain "floating exchange rates."

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

9. Explain Friedman's voucher proposal.

10. How does Friedman argue that floating exchange rates can affect international trade?

Essay Topics

Write an essay for ONE of the following topics:

Essay Topic 1

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 2

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

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.

(see the answer keys)

This section contains 743 words (approx. 3 pages at 300 words per page) View a FREE sample