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 distribution of income is determined by all but the following:

2. What words did Thomas Jefferson write?

3. The equality of outcomes approach is based on:

4. What functions as the central bank for the United States?

5. The purpose of urban renewal projects is to:

Short Essay Questions

1. Why was the Federal Reserve System formed?

2. What is the major federal welfare program in the Untied States and what are its components?

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

4. What are the three functions of prices?

5. What did Jefferson mean by unalienable rights?

6. What happens if there in interference with prices?

7. What are the results of trade barriers?

8. What is a restriction of payments?

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

10. What is meant by equality of opportunity?

Essay Topics

Write an essay for ONE of the following topics:

Essay Topic 1

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 2

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 3

A tariff may result in higher employment in the domestic economy. What problems does it cause in the foreign economy? What problems does it cause in the foreign economy? What is a beggar-thy-neighbor policy? What usually happens when a tariff is impose for this reason?

(see the answer keys)

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