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. Who does Friedman believe maintains the system of licensure?

2. What industry sector is most prevalent in monopoly?

3. Three levels of control are licensing, registration, and ______.

4. Friedman would agree that racism is ______.

5. In Chapter 12, The Alleviation of Poverty, what two things does Friedman say a person cannot be at the same time?

Short Essay Questions

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

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

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

4. In Chapter 13, Friedman summarizes his examples. Which do you agree with?

5. 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?

6. If people were given cash instead of subsidies like food stamps, how might they would use it to get themselves out of poverty, and how might it be wasted?

7. What are the three sources of monopoly?

8. Why is Friedman against fair employment laws?

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

10. Do you agree or disagree with Friedman's flat tax proposal?

Essay Topics

Write an essay for ONE of the following topics:

Essay Topic 1

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

Essay Topic 2

Friedman makes a clear distinction between the historical usage of the term liberal and the present day definition. Compare and contrast the different uses of the term liberal.

Essay Topic 3

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.

(see the answer keys)

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