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

2. What problem did Dicey write about in 1914?

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

4. Labor unions are referred to as ______.

5. What has capitalism done for discrimination according to Friedman?

Short Essay Questions

1. What does Friedman believe are the effects of minimum wage laws?

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

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

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

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

6. What is the progressive income tax?

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

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

9. What is 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

What is the balance wheel theory of intervention? What is Friedman's view on it?

Essay Topic 2

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.

Essay Topic 3

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

(see the answer keys)

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