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This quiz consists of 5 multiple choice and 5 short answer questions through Chapter 11, Social Welfare Measures.

Multiple Choice Questions

1. Friedman asserts that the Federal Reserve created the major contractions of the following years except______.
(a) 1926-27.
(b) 1920-21.
(c) 1937-38.
(d) 1929-33.

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

3. What is one method that governments have used to alter the distribution of income?
(a) Real estate law.
(b) Social welfare.
(c) Selling bonds.
(d) Income taxation.

4. Originally, liberalism fought for freedom of thought, free-markets, free trade, constitutionalism, representative government, and ______.
(a) Fair trade.
(b) The rule of law.
(c) Rights of the poor.
(d) A welfare state.

5. For Friedman, what is the main argument for licensure?
(a) Racism.
(b) Materialism.
(c) Paternalism.
(d) Maternalism.

Short Answer Questions

1. Friedman asserts that current liberalism is tied to the state management of ______.

2. Friedman states that ______ is a generator of inequality.

3. Friedman points out one idea that is often forgotten is that political and economic institutions have been ______.

4. By Friedman's account, the market permits unanimity without ______.

5. What does Friedman assert is an example of an appropriate task for government?

(see the answer key)

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