Free or Equal Questions

1. Professor Milton Friedmans research led him to believe in the power of _______ and _______.
a. Free Markets
b. Economic Freedom

2. If the government gives everybody the same freedom to work . . . some will do better than
others. The result will be ________________, but not _______________.
a. Equality of opportunity
b. Equality of outcome

3. Hong Kong became an economic powerhouse because:
The British government couldnt be bothered with __________________________.
The Governor here happened to favor __________.
Hong Kong never introduced all those policies that other governments did: no _______, no
___________ or ___________________ in the economy.
So the economy could evolve in a __________.
a. Local Hong Kong affairs
b. Free Markets
c. Tariffs
d. Regulations
e. Government Intervention
f. Natural way

4. The free market enables people to go into any industry they want; to trade with whomever they
want; to buy in the cheapest market around the world; to sell in the dearest market around the
world. But most important of all, if they fail, ______________. If they succeed,
_______________.
a. They bear the costs
b. They get the benefits

5. Define voluntary association as described in the video.
a. What we do together of our own free will

6. In the example of the lead pencil, what conclusion did Professor Friedman reach in the context
of invisible hands?
a. The free market is essential, not only to promote production efficiency, but even more, to
foster harmony and peace among the peoples of the world

7. The Founding Fathers had learned the lesson of history. The great danger to freedom is the
___________________, especially in the hands of a ________________.
a. Concentration of power
b. Government

8. In the last ____ years with relatively free markets, we have created more wealth than in the
__________ years before.
a. One hundred
b. One hundred thousand

9. As Milton Friedman said, The society that puts equality before freedom will
_________________________. The society that puts freedom before equality will end up with a
__________________________________.
a. End up with neither
b. Great measure of both

10. Professor Friedman compares the concept of equality of opportunity to a race where
everyone begins at the starting line at the same time. In contrast, equality of outcome
guarantees that everyone finishes at the same time. Today, equality of outcome is referred to
as fair shares for all.

If we applied the fair shares for all concept in this class, all students would receive an average
grade of C. This would be accomplished by taking points away from students earning As and
Bs to give to students earning Ds and Es. Distributing points equally would result in fair
grades for all.
a. I would not approve of the fair grades for all method in calculating my final grade. My
grades average above a C so this would affect me in a bad way. This method isnt fair for the
people trying to get through school and the people sleeping through it.

Theres not much of a difference between someone that is required to give up some of their
hard-earned grade and a successful person having to give up some of their hard-earned
money. Both of the people discussed in this situation worked hard for what they have and I
would never expect them to be willing to give up their hard-earned work to someone that
has no drive or will to work to earn what they deserve.

This being said, I strongly believe that you receive as much as you put into your work. If you
dont do anything you dont deserve anything, but if you work a lot you deserve a lot
because of how much work you put into what youre doing. Even if some of my fellow
students havent had the advantages in education that Ive had, I still believe that they still
have the opportunity to work for what they want.



Reflective Writing
The first learning outcome that this assignment helped me achieve is Students develop computer and
information literacy. It helped me achieve that because I had to figure out how to use the SLCC All
Access Pass in order to use Microsoft Word and how to upload all of my work onto a website so that my
teacher and other people can see it.
The second learning outcome that this assignment helped me achieve is Students communicate
effectively. It helped me achieve this also because I had to read through most of an American Economic
History book and I had to watch an hour long video and pull parts out of it to answer some questions. I
also had to write 3 paragraphs about fair grades for all, which consisted of me thinking about the
situation and analyzing what I would have done.