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. Friedman claims there is no connection between equal treatment and what?

2. What term describes the deliberate setting of prices through an agreement by firms?

3. To what does Friedman equate competition?

4. What is one example of a government supported monopoly?

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

Short Essay Questions

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

2. What is the progressive income tax?

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

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

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

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

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

8. If people were given cash instead of subsidies like food stamps, how might they would use it to get themselves out of poverty, and how might it be wasted?

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

10. What is occupational licensure?

Essay Topics

Write an essay for ONE of the following topics:

Essay Topic 1

Chapter 7 is arguably Friedman's most controversial chapter because of his views of government intervention in discrimination. Friedman, the free market capitalist, believes that government should not have laws based on race and people should be free to shop, purchase, and hire wherever they choose. Analyze Friedman's argument and examine the historical examples he gives to support his opinion.

Essay Topic 2

Friedman argues against licensure in general. Examine Friedman's arguments against this topic and critique his examples.

Essay Topic 3

After describing the current international trade situation regarding government regulation of exchange rates and the price of gold, Friedman goes on to explain his free market solution. What is Friedman's solution? What are the positives and negatives with it? In your opinion, do you think it would work?

(see the answer keys)

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