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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 command elements of every economy include things like:

2. According to Friedman, the former Soviet economy was based on:

3. The distribution of income is determined by all but the following:

4. The only kind of capital:

5. Equality before the law refers to all but:

Short Essay Questions

1. What is a restriction of payments?

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

3. What is the infant industry argument for protection?

4. What were the New Deal programs?

5. What is an exchange rate?

6. What are the results of trade barriers?

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

8. What is meant by equality of outcome?

9. What is a market failure?

10. What is the Principle of Comparative Advantage?

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

Friedman proposes an economic Bill of Rights as a way of limiting the scope and growth of government. Discuss and evaluate Friedman's proposal. Do you think it is politically feasible? Why or why not?

Essay Topic 3

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?

(see the answer keys)

This section contains 539 words (approx. 2 pages at 300 words per page) View a FREE sample