Capitalism and Freedom Quiz | One Week Quiz A

This set of Lesson Plans consists of approximately 110 pages of tests, essay questions, lessons, and other teaching materials.

Capitalism and Freedom Quiz | One Week Quiz A

This set of Lesson Plans consists of approximately 110 pages of tests, essay questions, lessons, and other teaching materials.
Buy the Capitalism and Freedom Lesson Plans
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This quiz consists of 5 multiple choice and 5 short answer questions through Chapter 10, The Distribution of Income.

Multiple Choice Questions

1. According to Friedman, what is the Federal Reserve lacking?
(a) A Rosetta Stone of sorts.
(b) A Magna Carta of sorts.
(c) A Constitution of sorts.
(d) A Declaration of Independence of sorts.

2. Friedman believes that the goddess of chance is ______.
(a) Dead.
(b) Deaf.
(c) Skilled.
(d) Blind.

3. For Friedman, what is one major problem in interpreting the evidence on the distribution of income?
(a) Lack of data.
(b) Temporary vs. long run income status.
(c) Defining poverty levels.
(d) Reliable empirical evidence.

4. Friedman makes the distinction between education and ______.
(a) Aging.
(b) Instruction.
(c) Schooling.
(d) Income.

5. Friedman theorizes that in extreme cases where parents don't pay for schooling, the government could provide a ______.
(a) Pass.
(b) Allowance.
(c) Subsidy.
(d) Discount.

Short Answer Questions

1. What example does Friedman use to argue against the redistribution of wealth?

2. What term refers to the argument for education that parents will not do best for their children?

3. According to Friedman, it can be argued that private schools ______ class distinctions, and therefore need government intervention.

4. Which of the following does Friedman dispute?

5. What does Friedman believe is one drawback of the Federal Reserve having so much power?

(see the answer key)

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