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This quiz consists of 5 multiple choice and 5 short answer questions through Chapter 11, Social Welfare Measures.

Multiple Choice Questions

1. What two professions does Friedman compare to support his claim on the harm it does when people are unable to find mutually acceptable contracts?
(a) Baseball player and basketball player.
(b) Teacher and professor.
(c) Blues singer and opera singer.
(d) Doctor and priest.

2. Friedman theorizes compulsory purchase of annuities has imposed ______ costs for ______ gains.
(a) Large, little.
(b) Minimal, moderate.
(c) Little, large.
(d) Social, political.

3. Friedman advocates the end of ______.
(a) Export quotas.
(b) Exchange rates.
(c) Capitalism.
(d) The free market.

4. One question Friedman asks is how we can stop government from destroying ______.
(a) Taxes.
(b) Entertainment.
(c) Citizens.
(d) Freedom.

5. The original balancing thought is based on whose economic philosophy?
(a) Keynes.
(b) Krugman.
(c) Marx.
(d) Smith.

Short Answer Questions

1. Regarding certification, what does Friedman stress increases sales?

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

3. Besides enforcing contracts, what one other thing does Friedman say government should do?

4. One argument for government spending that Friedman refutes is that it will reduce what?

5. What term refers to the argument for education that parents will not do best for their children?

(see the answer key)

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