|Name: _________________________||Period: ___________________|
This quiz consists of 5 multiple choice and 5 short answer questions through Chapter 11, Social Welfare Measures.
Multiple Choice Questions
1. According to Friedman, which of the following is the least bad?
(a) Private regulation.
(b) Public regulation.
(c) Private monopoly.
(d) Public monopoly.
2. Friedman theorizes compulsory purchase of annuities has imposed ______ costs for ______ gains.
(a) Minimal, moderate.
(b) Little, large.
(c) Large, little.
(d) Social, political.
3. What is one argument Friedman gives for public housing?
(a) The law of demand effect.
(b) The neighborhood effect.
(c) The paternalism effect.
(d) The law of supply effect.
4. A major point for Friedman is that politics and economics are not ______.
5. Friedman believes that free markets are not sufficient for political freedom since many countries demonstrate the possibility of ______.
(a) Economic freedom.
(b) Laissez-faire markets.
(c) Dictatorial government.
(d) Authoritarian capitalism.
Short Answer Questions
1. According to Friedman, what conflicts with one another for men?
2. In Friedman's analysis, what century is the historical exception to most men living in tyranny, servitude, and misery?
3. What has capitalism done for discrimination according to Friedman?
4. According to Friedman, what is the Federal Reserve lacking?
5. According to Friedman, who benefits from licensure?
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