View a FREE sample

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 believe is one drawback of the Federal Reserve having so much power?
(a) The Federal Reserve chairperson is elected and therefore subject to the whims of the public.
(b) The Federal Reserve has rules that are too strict to follow in order to make any real change.
(c) When the Federal Reserve makes mistakes, the whole country suffers.
(d) When the Federal Reserve does well, only a few profit.

2. What does Friedman believe is an appropriate rate of increase for the Federal Reserve?
(a) 1%-3%.
(b) None. That is not a goal of the Federal Reserve.
(c) 3%-5%.
(d) 5%-7%.

3. What major event does Friedman strongly believe was a result of the government mishandling the money supply?
(a) None of the answers is correct.
(b) Prohibition.
(c) World War I.
(d) The Great Depression.

4. What term refers to the argument for education that parents will not do best for their children?
(a) Sacrificial.
(b) Paternalistic.
(c) Employment.
(d) Maternalistic.

5. According to Friedman, what is the Federal Reserve lacking?
(a) A Rosetta Stone of sorts.
(b) A Magna Carta of sorts.
(c) A Declaration of Independence of sorts.
(d) A Constitution of sorts.

Short Answer Questions

1. Which type of education does Friedman not advocate the government paying for?

2. Friedman believes that vocational and professional schools should be totally ______ run.

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

4. According to Friedman, what cannot exist without a literate and informed population?

5. Which of the following, for Friedman, is the most important factor for the Federal Reserve?

(see the answer key)

This section contains 277 words (approx. 1 page at 300 words per page) View a FREE sample