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. The economy functions on the basis of:

2. Regarding the depression, Roosevelt's adviser's believed in:

3. The national security argument for protection states that:

4. What kind of international trade is best?

5. The programs of the Roosevelt administration designed to deal with the Depression are called the:

Short Essay Questions

1. What happens when a nation imposes tariffs to protect domestic jobs?

2. How has the concept of equality changed over time?

3. What is the Principle of Comparative Advantage?

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

5. Why was the Federal Reserve System formed?

6. What is an exchange rate?

7. What is meant by equality of outcome?

8. What did the Great Depression of 1929 prove to the public?

9. What are the basics for the production and consumption of goods and services?

10. What did Jefferson mean by unalienable rights?

Essay Topics

Write an essay for ONE of the following topics:

Essay Topic 1

Think about the topics covered in the book. Select an area that you are interested in and discuss and evaluate it. Do you agree or disagree with Friedman? Why or why not?

Essay Topic 2

What is the price system? What are its important functions? Explains Adam Smiths invisible hand concept and how it works?

Essay Topic 3

Why was the Depression of 1929 so severe? What factors contributed to it? Are these similarities with the situation today? What are the differences?

(see the answer keys)

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