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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 problems have there been with unions?

2. According to Friedman what was not a reason for accelerated U.S. monetary growth over a fifteen-year period?

3. The purpose of the Consumer Products Safety Commission is to:

4. The Department of Energy was formed in response to the:

5. In Great Britain, the post World War II trend has been toward:

Short Essay Questions

1. Who benefits the most from a school voucher program?

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

3. Who led the effort for public education?

4. What is the purpose of the Environmental Protection Agency?

5. According to Friedman, what policy would promote economic stability?

6. What does inflation mean for governments or people who are in debit?

7. After the Depression and the centralization of government, education and schooling also became centralized. What are the effects of this centralization?

8. What can function as money?

9. How do industries gain control, or capture, the commission that regulates them?

10. What is the cause of inflation?

Essay Topics

Write an essay for ONE of the following topics:

Essay Topic 1

Why does an economy need money? What items have functioned as money over the course of history? What characteristics does an item need to function as money?

Essay Topic 2

Explain the functions of a labor union. In what ways to labor unions cause higher wages? Who benefits from labor unions and why?

Essay Topic 3

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?

(see the answer keys)

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