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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 hypothesizes that there has been a change in discrimination along with the rise of capitalism because ______.
(a) Contract arrangements replaced status as a source of wealth.
(b) There has been an increase in the population of skilled workers.
(c) Religion has argued equality on moral grounds.
(d) Greed has overtaken all ethical values.

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

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

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

5. Which group does Friedman believe to be contradictory in their views on free speech and fair employment laws?
(a) ACSA.
(b) ACLU.
(c) NAACP.
(d) FCC.

Short Answer Questions

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

2. According to Friedman, the market enables wide diversity, meaning power can be located in ______.

3. What does Friedman claim that governments abuse?

4. Friedman believes that one governmental action that is justifiable is to set a ______ education level.

5. In Chapter 3, what does Friedman provide a history of?

(see the answer key)

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