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

2. According to Friedman, a liberal will welcome measures that promote what?

3. Friedman suggests that employees may prefer to have part of their remuneration take the form of amenities such as what?

4. What is the relationship between capitalism and the fraction of income paid for capital in countries?

5. What two professions does Friedman compare to support his claim on the harm it does when people are unable to find mutually acceptable contracts?

Short Essay Questions

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

2. Friedman accepts the reasoning that justifies "governmental action to alleviate poverty" (p. 191). What two issues must be addressed in order for this to happen?

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

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

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

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

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

8. What is the progressive income tax?

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

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

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?

Essay Topic 2

Friedman makes a clear distinction between the historical usage of the term liberal and the present day definition. Compare and contrast the different uses of the term liberal.

Essay Topic 3

Friedman uses two reasons to justify government intervention: the neighborhood effect and paternalism. Analyze these reasons and determine whether they are sufficient justifications for government intervention.

(see the answer keys)

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