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 is one argument Friedman gives for public housing?

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

3. Friedman would agree that racism is ______.

4. What example does Friedman use to argue against the redistribution of wealth?

5. What prefix were New Dealers commonly called?

Short Essay Questions

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

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

3. What are the three primary forms of monopoly?

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

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

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

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

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

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

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

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

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.

Essay Topic 3

Friedman argues that government mishandling of the money supply produced the Great Depression. Examine Friedman's analysis of the Great Depression and determine if the Federal Reserve System caused the Great Depression.

(see the answer keys)

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