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This quiz consists of 5 multiple choice and 5 short answer questions through Chapter 10, The Distribution of Income.

Multiple Choice Questions

1. What does Friedman claim that governments abuse?
(a) Ability to issue stocks.
(b) The power to determine taxes.
(c) The trust of the people.
(d) Commodity standards.

2. One solution Friedman proposes is to give parents ______ for schooling.
(a) Credits.
(b) Coupons.
(c) Vouchers.
(d) Tokens.

3. One of Friedman's claims for government involvement in education asserts that there are ______ to education.
(a) Minimal costs.
(b) Extreme costs.
(c) Negative externalities.
(d) Positive externalities.

4. What does Friedman advocate the abolition of in Chapter 10, The Distribution of Income?
(a) Trade unions.
(b) Corporate income tax.
(c) Flat-rate income tax.
(d) Welfare.

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

Short Answer Questions

1. Friedman theorizes that in extreme cases where parents don't pay for schooling, the government could provide a ______.

2. Who does Friedman believe is most critical of capitalism?

3. What caused all the major nations to abandon the gold standard?

4. What does Friedman believe is one drawback of the Federal Reserve having so much power?

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

(see the answer key)

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