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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. What industry sector is most prevalent in monopoly?

2. What is one example of a government supported monopoly?

3. In 1961, how much did the government spend on direct welfare payments and programs?

4. Friedman believes that ______ are no argument for nationalizing the provision of annuities.

5. What has been more potent for progress than the visible hand for retrogression according to Friedman?

Short Essay Questions

1. What example does Friedman use to illustrate his point about direct cash payments to those below a certain income level?

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

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

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

5. According to Friedman, is there any justification for government intervention when it comes to distributing wealth?

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

7. What does Friedman believe are the effects of farm price supports?

8. What are the three primary forms of monopoly?

9. What is occupational licensure?

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

Essay Topics

Write an essay for ONE of the following topics:

Essay Topic 1

Friedman argues against licensure in general. Examine Friedman's arguments against this topic and critique his examples.

Essay Topic 2

Milton Friedman (1912--2006) was a Nobel Laureate economist, who not only made important theoretical contributions but also was deeply influential across the world in policy. He was a prominent figure in the conservative and libertarian movements of the late 20th century and promoted classical liberal ideas in his many popular works, including not only books but also videos, lectures, and magazine columns. Friedman published "Capitalism and Freedom" in 1962 and the book has sold half a million copies since. Write an informational essay on Friedman including his early life, academics, Nobel Prize, famous ideas, published works, and lasting impacts.

Essay Topic 3

Friedman articulates that economic freedom is necessary for political freedom. Analyze the factors necessary for economic freedom to occur and explain where government intervention is appropriate.

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