Free to Choose: A Personal Statement Test | Mid-Book 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. Equality is discussed in all but the following ways:

2. Government interferes with the price system by:

3. According to Friedman, the former Soviet economy was based on:

4. A market failure occurs when:

5. Fair shares programs penalize the:

Short Essay Questions

1. What are the three functions of prices?

2. What is meant by equality of opportunity?

3. Which of the three kinds of equality causes a conflict with liberty?

4. What did Jefferson mean by unalienable rights?

5. What is the concept of the invisible hand?

6. What is a market failure?

7. In what way did Roosevelt and his advisers break with traditional economies?

8. What are the results of trade barriers?

9. What did Thomas Jefferson mean when he wrote of equality?

10. What is a restriction of payments?

Essay Topics

Write an essay for ONE of the following topics:

Essay Topic 1

Friedman proposes an economic Bill of Rights as a way of limiting the scope and growth of government. Discuss and evaluate Friedman's proposal. Do you think it is politically feasible? Why or why not?

Essay Topic 2

What is the significance of free international trade? Why is free trade said to be best? How do nations benefit from free trade? What is the Principle of Comparative Advantage?

Essay Topic 3

Why does an economy need money? What items have functioned as money over the course of history? What characteristics does an item need to function as money?

(see the answer keys)

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