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 does Friedman believe makes registration easier?

2. What industry sector is most prevalent in monopoly?

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

4. What industry does Friedman use to argue against licensure?

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

Short Essay Questions

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

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

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

4. What are the three sources of monopoly?

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

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

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

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

10. What is the progressive income tax?

Essay Topics

Write an essay for ONE of the following topics:

Essay Topic 1

Friedman articulates that economic freedom is necessary for political freedom. Analyze the factors necessary for economic freedom to occur and explain where government intervention is appropriate.

Essay Topic 2

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

Essay Topic 3

Friedman published "Capitalism and Freedom" in 1962. It is one of Friedman's attempts to spread free-market ideas to the public at large. The book advocates a number of free-market proposals, many of which, such as floating exchange rates and flat taxes, are implemented across the world today and seem commonplace. However, many of his more radical ideas remain controversial, such as school vouchers, or are totally ignored, like ending occupational licensure. In an essay, examine the historical context of Friedman's work and analyze the major movements of the time that may have influenced his views.

(see the answer keys)

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