1. Professor Milton Friedmans research led him to believe in the power of______ and ________.

Answer #1 free markets

Answer #2 economic freedoms
2. If the government gives everybody the same freedom to work . . . some will do better than others.
The result will be ____ , but not ____ .
Answer #1 equality of opportunity
Answer #2 equality of outcome
3. After World War II, Hong Kong became a refugee camp with millions of extremely poor people. Hong
Kong had no _______, no _____________ and little _______________________. But almost by accident
it was given ____________________________. . . . As a result, Hong Kong became an
___________________.
Answer #1 prospects
Answer #2 natural resources
Answer #3 land that could be cultivated
Answer #4 economic freedoms
Answer #5 economic powerhouse
4. In the small Baltic country of _________, Prime Minister Mart Laar took his inspiration from Professor
Friedmans book Free To Choose. What three things did he do to imitate the Hong Kong model?
Answer #1 Estonia
Answer #2 zero terrace
Answer #3 flat tax
Answer #4 minimum regulations
5. Adam Smiths concept of the invisible hand was illustrated in the example of buying a tomato. The
following 3 points were made:

e ______________ .

Answer #1 pocket books
Answer #2 sends a message
Answer #3 better the lives of others
6. Economists call the constant renewal of the economy _______________. To increase our wealth and
opportunities, we have to stop doing old things in __________ and start doing innovative things in
___________.
Answer #1 creative destruction
Answer #2 old ways
Answer #3 better ways
7. Swedish entrepreneurs are the ________ in the world. Young Swedes and entrepreneurial immigrants
have moved from Sweden to Britain and the U.S. because the ______ are much greater there, where
______ are lower.
Answer #1 oldest
Answer #2 rewards
Answer #3 taxes
8. The Founding Fathers had learned the lesson of history. The great danger to freedom is the
___________________, especially in the hands of a ________________.
Answer #1 concentration to power
Answer #2 government
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
__________________________________.
Answer #1 end up with neither
Answer #2 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.


For example, whats the difference between a successful student being required to give up some of
his/her hard-earned grade and a successful person being expected to give more of his/her hard-earned
income? If you support redistribution of income and wealth, shouldnt you also be willing to
redistribute academic grades? After all, many of your fellow students may not have had the advantages
in education and upbringing that youve had.

I wouldnt approve of this method in calculating my final grade. I know what I am capable of and I like
earning the grades that I receive. If I had to give my good grades to someone that was failing and didnt
try at all in this class then I would be pretty mad. That wouldnt seem fair at all. If a person is failing then
they should fail. If the person failing doesnt put any effort into getting good grades, why should they
pass? If I am getting a good grade and I worked for that grade then I think it would be mine, and not
shared by someone that didnt care.
Economically if we applied this method then I think that society would fail as a whole because people
would just stop trying. Why would you try to be good at anything if they could just be mediocre? People
would start to get lazy; they would stop aspiring to be great. I think creativity would die out and we
would live in a world thats bleak and lifeless. People would be zombie essentially and thats a really
scary though.
If someone works hard for something then they are deserving of some kind of recognition. Whether that
recognition comes in the form of money, an award or simple praise wouldnt matter. If someone doesnt
work hard for anything, but expects life to be handed to them simply because theyre alive is a stupid
idea, and society would crumble
Reflective Writing
When I was reading over the learning outcomes, I dont know how most of them would even begin to
apply to this course, or the video. The only ones that I could see coming close would be Students think
critically and creatively and Students develop the knowledge and skills to be civically engaged. I definitely
think this class and the video have helped me think about the economy in a different light. I learned a lot of things that
I didnt know before, and even expanded on things that I didnt know much about. Professor Friedman was very
creative in his thought process on how the economy worked and his ideals.
Ive always been a fan of reading the news, but I mostly just focused on Utah, and what happened here. Now I focus
more on global events and politics and try to find trends or think of better ways that the government could handle their
mess, if there is a better way. The video was definitely eye opening, and I enjoyed learning about the economy.