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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 do higher union wages cause?

2. The minimum wage causes:

3. What is not one of the real forces that determine the wealth of a nation?

4. Friedman believes that the income tax system is:

5. The school voucher program would give the parents:

Short Essay Questions

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

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

3. What is the scope of the Consumer Products Safety Commission?

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

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

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

7. In what way does the market function to protect consumers?

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

9. Explain the relationship between the economic policy and the intellectual climate?

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

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

Explain what a negative income tax program is. Briefly explain how it would work. Why would it be able to replace most welfare programs? Do you think it is a good idea?

Essay Topic 3

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?

(see the answer keys)

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