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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. Which of the following, for Friedman, is the most important factor for the Federal Reserve?
(a) Stability.
(b) Regulation of the market.
(c) Economic growth.
(d) Loans and lending practices.

2. What example does Friedman use to argue against the redistribution of wealth?
(a) Robinson Crusoe.
(b) Davey Crockett.
(c) Mark Twain.
(d) The Swiss Family Robinson.

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

4. Friedman states that the problem with teacher salaries is not that they are too low, but that they are ______.
(a) Linked to the amount of education the teacher has.
(b) Not inclusive of benefits.
(c) Computed based on seniority.
(d) The same regardless of quality.

5. Who does Friedman believe is most critical of capitalism?
(a) Socialists.
(b) Marxists.
(c) Communists.
(d) Democrats.

Short Answer Questions

1. What is the relationship between capitalism and the fraction of income paid for capital in countries?

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

3. What is one factor that Friedman believes has reduced inequality?

4. Friedman believes that one governmental action that is justifiable is to set a ______ education level.

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

(see the answer key)

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