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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. Friedman favors:

2. Which of the following laws is not specifically aimed at protection of workers?

3. What problems have there been with unions?

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

5. In the inner city schools, much of the money goes for all but the following:

Short Essay Questions

1. What is the purpose given for regulation of industry?

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

3. Do all workers benefit from unions?

4. What is inflation?

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

6. What have parents been complaining of in recent years regarding public education?

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

8. What is the purpose of a labor union?

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

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

Essay Topics

Write an essay for ONE of the following topics:

Essay Topic 1

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?

Essay Topic 2

What is inflation? What are the causes of inflation? What are the cures for inflation? Distinguish between the causes of inflation and the side effects of the cure for inflation.

Essay Topic 3

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.

(see the answer keys)

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