Capitalism and Freedom Quiz | Four Week Quiz B

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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's theory is that monetary exchange rates will allow trades across countries to ______ in accord with those rates.
(a) Stagnate.
(b) Equilibrate.
(c) Decrease.
(d) Increase.

2. What industry does Friedman use to explain his views on monopoly in labor?
(a) Coal.
(b) Auto.
(c) Steel.
(d) Manufacturing.

3. What is the relationship between capitalism and the fraction of income paid for capital in countries?
(a) Perpendicular.
(b) Correlational.
(c) Inverse.
(d) Direct.

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

5. What is one example of a government supported monopoly?
(a) The coal industry.
(b) The postal service.
(c) The sugar cane industry.
(d) The auto industry.

Short Answer Questions

1. For Friedman, where is the best place for power to be held?

2. Which of the following does Friedman dispute?

3. Friedman asserts that government is needed for the ______.

4. Friedman defines a country as a collection of ______.

5. What two professions does Friedman compare to support his claim on the harm it does when people are unable to find mutually acceptable contracts?

(see the answer key)

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