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 industry sector is most prevalent in monopoly?

2. In 1961, how much did the government spend on direct welfare payments and programs?

3. According to Friedman, what is the goal of government intervention regarding the distribution of income?

4. One threat Friedman believes to the preservation and expansion of freedom is ______.

5. What does the Texas Railroad Commission enforce?

Short Essay Questions

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

2. 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?

3. According to Friedman, do monopolies have any sort of "social responsibility"?

4. What is the progressive income tax?

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

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

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

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

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

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

Essay Topics

Write an essay for ONE of the following topics:

Essay Topic 1

Friedman disagrees with the multiplier effect, a Keynesian theory, reasoning for government spending. Analyze the multiplier effect and examine the man who propagates the theory, John Maynard Keynes.

Essay Topic 2

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

Essay Topic 3

Friedman theorizes that actions taken by the government to reduce competition, restrict free choice and raise prices have a negative effect on society. Analyze the various forms of monopolies and what the government's role should be.

(see the answer keys)

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