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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. One argument Friedman theorizes for Social Security is ______.

2. Instead of reducing inequality, Friedman states the income tax has favored ______.

3. What is one method that governments have used to alter the distribution of income?

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

5. Who said, "There is much ruin in a nation"?

Short Essay Questions

1. What are the three primary forms of monopoly?

2. What is the progressive income tax?

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

4. Why is Friedman against fair employment laws?

5. In Chapter 13, Friedman summarizes his examples. Which do you disagree with?

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

7. What recommendations would Friedman give to a president about an economic downturn?

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

9. What are the three forms of control discussed by Friedman in Chapter 9, Occupational Licensure?

10. 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?

Essay Topics

Write an essay for ONE of the following topics:

Essay Topic 1

Friedman disagrees with the multiplier effect, a Keynesian theory, reasoning for government spending. Analyze the multiplier effect and examine the man who propagates the theory, John Maynard Keynes.

Essay Topic 2

Friedman advocates for the end of the progressive income tax in favor of a flat tax. Why is he against the progressive income tax? What are the benefits to a flat tax? In an essay, analyze Friedman's claims on the progressive income tax.

Essay Topic 3

Friedman gives many historical examples to illustrate his point about the relationship between economic and political freedom. Examine these historical examples and decide whether they prove Friedman's thesis.

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