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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. Equality of outcomes is related to:

2. The words equality and liberty come from the:

3. The legislation for the Federal Reserve System came into being as a result of:

4. What action did the Fed take after England abandoned the gold standard?

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

Short Essay Questions

1. England has a successful National Health Service that many people think the United States should have. What are the problems with the British program?

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

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

4. Which of the three kinds of equality causes a conflict with liberty?

5. Why weren't the New Deal programs carried to completion?

6. What are the results of trade barriers?

7. What is a market failure?

8. What did Thomas Jefferson mean when he wrote of equality?

9. What are the characteristics of the Great Depression of 1929?

10. What are the three functions of prices?

Essay Topics

Write an essay for ONE of the following topics:

Essay Topic 1

Friedman says that special interests generally prevail over general interests. What does he mean by this? Do you agree with him? Why or why not?

Essay Topic 2

Explain what a negative income tax program is. Briefly explain how it would work. Why would it be able to replace most welfare programs? Do you think it is a good idea?

Essay Topic 3

Friedman believes that government spending is less damaging than other forms of government controls. What are these other forms of government controls and why are they damaging? Do you agree with Friedman?

(see the answer keys)

This section contains 578 words (approx. 2 pages at 300 words per page) View a FREE sample