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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. 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?
(a) The future growth principle.
(b) The neighborhood effect.
(c) The colleague effect.
(d) The common principle.

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

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

4. What does Friedman prefer when it comes to exchange rates?
(a) Hovering exchange rates.
(b) Sinking exchange rates.
(c) Rising exchange rates?
(d) Floating exchange rates.

5. Which type of education does Friedman not advocate the government paying for?
(a) Vocational.
(b) Liberal.
(c) Minimal.
(d) Industrial.

Short Answer Questions

1. Friedman hypothesizes that there has been a change in discrimination along with the rise of capitalism because ______.

2. Friedman's belief is that what cause would free trade substantially promote, both domestically and internationally?

3. According to Friedman, what is lost when foreign exchange is controlled by the government?

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

5. What is the term for making non-membership in a union a condition of employment?

(see the answer key)

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