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. Which term refers to the government stimulating spending?
(a) "Prime the pump."
(b) "Charge the battery."
(c) "Rev the engine."
(d) "Grease the skids."

2. In Friedman's analysis, what century is the historical exception to most men living in tyranny, servitude, and misery?
(a) 18th.
(b) 20th.
(c) 17th.
(d) 19th.

3. What does Friedman prefer when it comes to exchange rates?
(a) Floating exchange rates.
(b) Rising exchange rates?
(c) Sinking exchange rates.
(d) Hovering exchange rates.

4. Friedman asserts that government is needed for the ______.
(a) "Rules of the citizens."
(b) "Rules of the system."
(c) "Rules of the game."
(d) "Rules of the road."

5. According to Friedman, what is liberty's greatest enemy?
(a) Concentration of power.
(b) The educational system.
(c) The Federal government.
(d) Elected leaders.

Short Answer Questions

1. What term refers to the circumstance under which the action of one individual imposes significant costs on other individuals for which it is not feasible to make him compensate them?

2. What term refers to the argument for education that parents will not do best for their children?

3. What is the basic problem of social life for Friedman?

4. Friedman asserts that the Federal Reserve created the major contractions of the following years except______.

5. In Friedman's eyes, individual activities correspond to game players as the framework of law corresponds to______.

(see the answer key)

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