Capitalism and Freedom Test | Final Test - Hard

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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 is one example Friedman uses to demonstrate his point on monopoly in industry?

2. What term describes the deliberate setting of prices through an agreement by firms?

3. What is the key issue for Friedman with annuities?

4. What does the Texas Railroad Commission enforce?

5. What is one example of a government supported monopoly?

Short Essay Questions

1. What example does Friedman use to illustrate his point about direct cash payments to those below a certain income level?

2. In Chapter 13, Friedman summarizes his examples. Which do you disagree with?

3. Do you think people should be forced to participate in social security?

4. Why does Friedman reject "right to work" laws?

5. Where do you stand: are you on the liberal free market side or more on the government intervention side? Why?

6. What does Friedman assert that capitalism has done for inequalities?

7. What are the three primary forms of monopoly?

8. Do you think doctors should be required to obtain a license?

9. What is the problem for Friedman with fair employment commission legislation?

10. What are the three sources of monopoly?

Essay Topics

Write an essay for ONE of the following topics:

Essay Topic 1

Friedman argues that government mishandling of the money supply produced the Great Depression. Examine Friedman's analysis of the Great Depression and determine if the Federal Reserve System caused the Great Depression.

Essay Topic 2

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

Essay Topic 3

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.

(see the answer keys)

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