View a FREE sample

This test consists of 5 multiple choice questions, 5 short answer questions, and 10 short essay questions.

Multiple Choice Questions

1. One way of restricting entry to an occupation or profession is through:
(a) agreement
(b) licensure
(c) laws
(d) rules

2. Friedman's view is that everyone who wants a higher education:
(a) should receive government funding
(b) should have the higher education if he/she is willing to pay for it
(c) should be financed
(d) should find a sponsor

3. New drugs cannot be marketed:
(a) the drug company can produce them cheaply
(b) their profitability is proven
(c) until the drug manufacturer approves them
(d) unless the FDA determines they are safe and effective

4. Washington D.C.:
(a) is a magnet for special interest groups
(b) limits the number of special interests groups
(c) limits the number of lawyers
(d) prohibits lobbyists

5. Friedman believes that the income tax system is:
(a) needs more loopholes
(b) based on ability to pay
(c) in need of reform
(d) equitable

Short Answer Questions

1. Most of the ICC staff came from the:

2. The airline industry is regulated by:

3. Inflation results when:

4. Parents who send their children to private schools:

5. Steps to limit the growth of government and spending have included all but:

Short Essay Questions

1. What can function as money?

2. In what ways is the American Medical Association a labor union?

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

4. Who led the effort for public education?

5. What is the purpose of a labor union?

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

7. What is the cure for inflation?

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

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

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

(see the answer keys)

This section contains 627 words (approx. 3 pages at 300 words per page) View a FREE sample