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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. For Friedman, what is one major problem in interpreting the evidence on the distribution of income?
(a) Temporary vs. long run income status.
(b) Defining poverty levels.
(c) Lack of data.
(d) Reliable empirical evidence.

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

3. In Chapter 3, what does Friedman provide a history of?
(a) American monetary policy.
(b) British colonialism.
(c) World War I.
(d) The Federal Reserve System.

4. According to Friedman, it can be argued that private schools ______ class distinctions, and therefore need government intervention.
(a) Diminish.
(b) Maintain.
(c) Exacerbate.
(d) Increase.

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

Short Answer Questions

1. Friedman states that the problem with teacher salaries is not that they are too low, but that they are ______.

2. What term refers to the circumstance under which the action of one individual imposes significant costs on other individuals for which it is not feasible to make him compensate them?

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

(see the answer key)

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