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. Which type of monopoly does Friedman believe is least bad?

2. To what does Friedman equate competition?

3. Who said, "There is much ruin in a nation"?

4. To what previous restrictions on labor does Friedman compare licenses?

5. What does Friedman advocate the abolition of in Chapter 10, The Distribution of Income?

Short Essay Questions

1. What does Friedman believe are the effects of farm price supports?

2. Who are the biggest advocates of occupational licensure that Friedman describes?

3. What recommendations would Friedman give to a president about an economic downturn?

4. Friedman accepts the reasoning that justifies "governmental action to alleviate poverty" (p. 191). What two issues must be addressed in order for this to happen?

5. What are the three sources of monopoly?

6. According to Friedman, is there any justification for government intervention when it comes to distributing wealth?

7. What are the three forms of control discussed by Friedman in Chapter 9, Occupational Licensure?

8. According to Friedman, can a liberal be an egalitarian?

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

10. What does Friedman believe are the effects of minimum wage laws?

Essay Topics

Write an essay for ONE of the following topics:

Essay Topic 1

According to the author, government does have a role in a free society. Analyze Friedman's view of the appropriate role of government.

Essay Topic 2

Friedman describes the current international trade arrangements of his time. In Friedman's day, the value of currency was tied to the gold standard. This arrangement was known as the Bretton Woods system. Analyze this currency system. What is it? How did it work? What were the advantages and disadvantages of it? How does it compare with what we have in the present day?

Essay Topic 3

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.

(see the answer keys)

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