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 does Friedman use to argue against licensure?

2. For Friedman, what is one major problem in interpreting the evidence on the distribution of income?

3. Which type of monopoly does Friedman believe is least bad?

4. According to Friedman, what is one major cost of the extension of governmental welfare activities?

5. What is one factor that Friedman believes has reduced inequality?

Short Essay Questions

1. What is Friedman's recommendation regarding an income tax?

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

3. What are the three primary forms of monopoly?

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

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

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

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

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

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

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

Essay Topics

Write an essay for ONE of the following topics:

Essay Topic 1

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.

Essay Topic 2

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 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.

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