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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 would benefit the most from an increased quality of schooling from a school voucher program?

2. The first schools were:

3. The minimum wage causes:

4. Barter:

5. Union high wages are usually at the expense of:

Short Essay Questions

1. What is the purpose of a labor union?

2. What is the cure for inflation?

3. What are the two big issues faced in new drug approval?

4. Most Western nations have economic goals and objectives. What happens when they fail to attain them?

5. Why do increases in the minimum wage result in unemployment?

6. As America was settled, what was one of the first things communities established?

7. What is the big advantage of the school voucher programs?

8. Explain how limiting the number of workers results in higher wages.

9. In recent years, in what sector have unions experienced growth?

10. What does Friedman feel has been more damaging that government spending in terms of government controls?

Essay Topics

Write an essay for ONE of the following topics:

Essay Topic 1

Think about the topics covered in the book. Select an area that you are interested in and discuss and evaluate it. Do you agree or disagree with Friedman? Why or why not?

Essay Topic 2

What is the relationship between economic freedom and human freedom? How is this manifest in the kind of economic and political system that a nation has? Use different nations as an example.

Essay Topic 3

Explain the problems involved in barter transactions? Why does this inhibit trade? How does money facilitate trade?

(see the answer keys)

This section contains 575 words (approx. 2 pages at 300 words per page) View a FREE sample