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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. Friedman theorizes that in extreme cases where parents don't pay for schooling, the government could provide a ______.

2. Which of the following does Friedman dispute?

3. A major point for Friedman is that politics and economics are not ______.

4. Friedman states that government should be ______.

5. Friedman believes that vocational and professional schools should be totally ______ run.

Short Essay Questions

1. What examples does Friedman give of when the Federal Reserve System mismanaged the money supply?

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

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

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

5. What is fiscal policy?

6. What is Friedman's definition of political freedom? Of economic freedom?

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

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

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

10. What is the multiplier effect?

Essay Topics

Write an essay for ONE of the following topics:

Essay Topic 1

Friedman gives many historical examples to illustrate his point about the relationship between economic and political freedom. Examine these historical examples and decide whether they prove Friedman's thesis.

Essay Topic 2

Friedman discusses the role of government in education. He says that the government can require education because a democratic society cannot exist without a literate and informed population. Focusing on compulsory education, analyze the role of government in education.

Essay Topic 3

What is the balance wheel theory of intervention? What is Friedman's view on it?

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