Capitalism and Freedom Quiz | One Week Quiz A

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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. Which of the following, for Friedman, is the most important factor for the Federal Reserve?
(a) Regulation of the market.
(b) Economic growth.
(c) Stability.
(d) Loans and lending practices.

2. What major event does Friedman strongly believe was a result of the government mishandling the money supply?
(a) Prohibition.
(b) None of the answers is correct.
(c) World War I.
(d) The Great Depression.

3. What caused all the major nations to abandon the gold standard?
(a) World War II.
(b) World War I.
(c) The Great Depression.
(d) Decline in the value of gold.

4. What does Friedman believe is one drawback of the Federal Reserve having so much power?
(a) When the Federal Reserve makes mistakes, the whole country suffers.
(b) The Federal Reserve chairperson is elected and therefore subject to the whims of the public.
(c) The Federal Reserve has rules that are too strict to follow in order to make any real change.
(d) When the Federal Reserve does well, only a few profit.

5. Friedman believes that vocational and professional schools should be totally ______ run.
(a) Publicly.
(b) Governmentally.
(c) Cooperatively.
(d) Privately.

Short Answer Questions

1. Friedman believes that one governmental action that is justifiable is to set a ______ education level.

2. What is the relationship between capitalism and the fraction of income paid for capital in countries?

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

4. In Chapter 10, The Distribution of Income, what was the chief characteristic of progress and development over the past century?

5. Friedman states that the problem with teacher salaries is not that they are too low, but that they are ______.

(see the answer key)

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