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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. According to Friedman, what cannot exist without a literate and informed population?
(a) First world countries.
(b) A progressive political system.
(c) A well-armed militia.
(d) Democratic societies.

2. Friedman asserts that the Federal Reserve created the major contractions of the following years except______.
(a) 1920-21.
(b) 1929-33.
(c) 1937-38.
(d) 1926-27.

3. What is the term for currency not being traded for any amount of another currency?
(a) Inconvertible.
(b) Irreversible.
(c) None of the answers is correct.
(d) Unconvertible.

4. What is the term for making non-membership in a union a condition of employment?
(a) "Yellow-dog" contract.
(b) "Blue-bee" contract.
(c) Red-cat" contract.
(d) "Green-bird" contract.

5. What does Friedman believe will become self-regulating?
(a) Monetary stocks.
(b) Exchange rates.
(c) The gold standard.
(d) The World Bank.

Short Answer Questions

1. What does FEPC stand for?

2. What is the term for laws that forbid membership in a union a requirement for employment?

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

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

5. Friedman advocates that individuals should be able to buy and sell ______.

(see the answer key)

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