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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 uses the example of selling ______ to demonstrate a true global economy.
(a) Corn.
(b) Rice.
(c) Oil.
(d) Wheat.

2. Friedman advocates that individuals should be able to buy and sell ______.
(a) Stocks.
(b) Foreign currency.
(c) Gold.
(d) Silver.

3. What effect has Friedman observed that minimum wage laws have had on poverty?
(a) Maintained it.
(b) Reduced it.
(c) Increased it.
(d) Spread it out.

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

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

Short Answer Questions

1. One role of government argued by the New Deal was to ______.

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

3. Which term describes the purpose of federal spending?

4. In Friedman's analysis, what century is the historical exception to most men living in tyranny, servitude, and misery?

5. Friedman's evidence suggests that for every $100 of government spending, a certain amount is added to income. How much?

(see the answer key)

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