Free or Equal Questions

While watching Free or Equal, complete the following statements for questions 1-9.
Use the precise language from the video. Question 10 asks you to analyze a
proposal and provide your unique perspective.
1. Professor Milton Friedmans research led him to believe in the power of __________
and ______________.
Answer #1 Free Market
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. 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, _______________.
Answer #1 Bear the Cost
Answer #2

they get the benefit

4. In the example of the lead pencil, what conclusion did Professor Friedman reach
in the context of invisible hands?
Conclusion - To make your life better you have to better the life of others. We take
things for granted the process of making things goes beyond what we think.
5. When a businessman faces trouble, a market threatens to disappear or a new
competitor arises, there are two things he can do. He can turn to the government
for a tariff or a quota (or some other restriction on competition) or he can _________
and _________.
Answer #1 Adjust
Answer #2 Adapt
6. Economists call the constant renewal of the economy _______________. If we want
to increase our wealth and opportunities, we have to stop doing old things in
__________ and start doing innovative things in ___________. In other words, we have
to be __________.

Answer #1 Creative Destruction

Answer #2 Old ways
Answer #3 Better ways
Answer #4

Creative

7. An example of creative destruction was used in the video. What technology

was created? What was destroyed? Why was this new technology so important?
Created - Cell Phones
Destroyed - Land Lines
Why important - They are very important in the developing world, easy
communication.
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 of 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. Would you approve of this method in calculating your final
grade? Why or why not? How would this differ from fair shares for all
economically? 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 hardearned 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. Address the above
questions in your own words, in a minimum of 3 paragraphs.

No, I would not approve of this grading method. If we all would receive the
same grade I do not believe many of us would put in any or much effort into getting
things done and trying hard to earn an A. I believe that a student is working hard to
earn an education, and differs from an income. Going to school and earning a grade
is something you will eventually use to earn your income and it would not be fair for
people to have a fair grades for all.
I do not agree with fair shares for all people spend a lifetime working hard and
earning what they have, and they are entitled to that. It is not exactly right for
someone to deserve or take someones hard earned money. I believe that Freidman
was right that if we put equality before freedom we will end up with neither. I
believe to succeed we need to free the market, not have fair shares.

Free writing
This assignment helped me think critically because I had to think outside the box of
how our economy differs from others today. During this video many questions came
to mind on how we can improve our economy. This class really helped me gain an
understanding for how our economy developed and that helps me clearly
communicate in other areas when the topic of economics arises.