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. Forming a list of who engages in what is known as ______.

2. Which group does Friedman believe to be contradictory in their views on free speech and fair employment laws?

3. What industry does Friedman use to explain his views on monopoly in labor?

4. Friedman gives the following examples of the negative effects of government intervention except ______.

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

Short Essay Questions

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

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

3. Do you think people should be forced to participate in social security?

4. What are two problems with monopolies for the liberal?

5. What are the three sources of monopoly?

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

7. What is the problem for Friedman with fair employment commission legislation?

8. Why is Friedman against fair employment laws?

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

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

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 2

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 3

Milton Friedman (1912--2006) was a Nobel Laureate economist, who not only made important theoretical contributions but also was deeply influential across the world in policy. He was a prominent figure in the conservative and libertarian movements of the late 20th century and promoted classical liberal ideas in his many popular works, including not only books but also videos, lectures, and magazine columns. Friedman published "Capitalism and Freedom" in 1962 and the book has sold half a million copies since. Write an informational essay on Friedman including his early life, academics, Nobel Prize, famous ideas, published works, and lasting impacts.

(see the answer keys)

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