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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) The power to determine taxes.
(b) The trust of the people.
(c) Commodity standards.
(d) Ability to issue stocks.

2. What is one method that governments have used to alter the distribution of income?
(a) Real estate law.
(b) Income taxation.
(c) Social welfare.
(d) Selling bonds.

3. Friedman theorizes that in extreme cases where parents don't pay for schooling, the government could provide a ______.
(a) Pass.
(b) Allowance.
(c) Subsidy.
(d) Discount.

4. In Chapter 10, The Distribution of Income, what was the chief characteristic of progress and development over the past century?
(a) Advances in technology.
(b) Increae in leisure time.
(c) Advances in education.
(d) Advances in entertainment.

5. What caused all the major nations to abandon the gold standard?
(a) World War I.
(b) Decline in the value of gold.
(c) The Great Depression.
(d) World War II.

Short Answer Questions

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

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

3. What term refers to the Federal Reserve's ability to produce more money than is deposited?

4. What does Friedman believe is an appropriate rate of increase for the Federal Reserve?

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

(see the answer key)

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