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

2. Friedman claims there is no connection between equal treatment and what?
(a) Equal opportunity.
(b) Equal rights.
(c) Equal shares of income.
(d) Equal protection.

3. One role of government argued by the New Deal was to ______.
(a) Even out economic cycles.
(b) Eliminate excessive alcohol drinking.
(c) Regulate military spending.
(d) Provide subsidies for the poor.

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

5. Friedman believes that one governmental action that is justifiable is to set a ______ education level.
(a) Minimum.
(b) Maximum.
(c) Standard.
(d) Rational.

Short Answer Questions

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

2. Friedman asserts that the Federal Reserve created the major contractions of the following years except______.

3. What does Friedman claim that governments abuse?

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

5. Which of the following does Friedman dispute?

(see the answer key)

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