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

2. A common misunderstanding of economic freedom, according to Friedman, is that it emphasizes ______.
(a) Socialism.
(b) Wealth.
(c) Prosperity.
(d) Materialism.

3. Friedman points out one idea that is often forgotten is that political and economic institutions have been ______.
(a) Autonomic.
(b) Free.
(c) Suppressed.
(d) Unfree.

4. What is the name of the system with the purpose of regulating monetary policy between leading countries?
(a) The World Bank System.
(b) The International Monetary System.
(c) The Gold Standard System.
(d) The Bretton Woods System.

5. According to Friedman, whom does free trade benefit?
(a) The wealthier trading country.
(b) Both trading countries.
(c) The poorer trading country.
(d) Neither trading country.

Short Answer Questions

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

2. Friedman suggests that employees may prefer to have part of their remuneration take the form of amenities such as what?

3. What does Friedman believe is an appropriate rate of increase for the Federal Reserve?

4. What has capitalism done for discrimination according to Friedman?

5. According to Friedman, it can be argued that private schools ______ class distinctions, and therefore need government intervention.

(see the answer key)

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