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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 government restriction centralizes ______.
(a) Wealth.
(b) Elitism.
(c) Power.
(d) Goods.

2. To what does Friedman equate competition?
(a) A perpendicular line.
(b) A Euclidean line.
(c) The Prime Meridian.
(d) A parallel line.

3. By Friedman's account, the market permits unanimity without ______.
(a) Solitude.
(b) Conformity.
(c) Freedom.
(d) Resentment.

4. Friedman points out one idea that is often forgotten is that political and economic institutions have been ______.
(a) Autonomic.
(b) Unfree.
(c) Suppressed.
(d) Free.

5. What is one way Friedman believes some people criticize markets?
(a) It limits people's choices.
(b) It inequitably distributes wealth.
(c) It gives people what they want.
(d) It hurts those in power.

Short Answer Questions

1. What does Friedman advocate the abolition of in Chapter 10, The Distribution of Income?

2. What does the Texas Railroad Commission enforce?

3. The original balancing thought is based on whose economic philosophy?

4. Which term refers to the government stimulating spending?

5. Friedman believes that all of the following are appropriate for fiscal policy except ______.

(see the answer key)

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