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

2. Friedman gives examples of successful government intervention except ______.

3. What effect has Friedman observed that minimum wage laws have had on poverty?

4. What effect has Friedman observed that public housing has had on juvenile delinquency?

5. According to Friedman, what is one unknown negative effect of farm subsidies?

Short Essay Questions

1. What are the three primary forms of monopoly?

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

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

4. What is the progressive income tax?

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

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

7. What are the three sources of monopoly?

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

9. What does Friedman say about public housing as a form of social welfare?

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

Essay Topics

Write an essay for ONE of the following topics:

Essay Topic 1

Friedman advocates for the end of the progressive income tax in favor of a flat tax. Why is he against the progressive income tax? What are the benefits to a flat tax? In an essay, analyze Friedman's claims on the progressive income tax.

Essay Topic 2

Friedman uses two reasons to justify government intervention: the neighborhood effect and paternalism. Analyze these reasons and determine whether they are sufficient justifications for government intervention.

Essay Topic 3

Friedman condemns charitable giving by corporations and argues that they have no social responsibility. Determine if this is economically sound and true in today's society. Do you agree with Friedman's position?

(see the answer keys)

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