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This quiz consists of 5 multiple choice and 5 short answer questions through Chapter 7, Capitalism and Discrimination.

Multiple Choice Questions

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

2. What is the term for laws that forbid membership in a union a requirement for employment?
(a) Employment standards laws.
(b) Right to work laws.
(c) Fair labor laws.
(d) Anti-union laws.

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

4. What example does Friedman use to demonstrate his views on employment practices?
(a) A grocer.
(b) A baker.
(c) A lawyer.
(d) A blacksmith.

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

Short Answer Questions

1. What does Friedman claim that governments abuse?

2. What does Friedman believe needs protection in order for the freedom of the market to arise?

3. Friedman believes that free markets are not sufficient for political freedom since many countries demonstrate the possibility of ______.

4. What is the name of the system with the purpose of regulating monetary policy between leading countries?

5. Friedman's theory is that monetary exchange rates will allow trades across countries to ______ in accord with those rates.

(see the answer key)

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