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 does Friedman believe makes registration easier?

2. One argument Friedman theorizes for Social Security is ______.

3. How many problems with monopolies does Friedman describe?

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

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

Short Essay Questions

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

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

3. What are the three sources of monopoly?

4. According to Friedman, is there any justification for government intervention when it comes to distributing wealth?

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

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. Why is Friedman against fair employment laws?

9. What is the progressive income tax?

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

Essay Topics

Write an essay for ONE of the following topics:

Essay Topic 1

Friedman articulates that economic freedom is necessary for political freedom. Analyze the factors necessary for economic freedom to occur and explain where government intervention is appropriate.

Essay Topic 2

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 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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