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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 industry does Friedman use to explain his views on monopoly in labor?
(a) Auto.
(b) Manufacturing.
(c) Coal.
(d) Steel.

2. According to Friedman, what is a necessary condition for political freedom?
(a) Competitive capitalism.
(b) A high gross domestic product.
(c) Governmental regulation.
(d) Fair trade.

3. According to Friedman, what is the Federal Reserve lacking?
(a) A Rosetta Stone of sorts.
(b) A Magna Carta of sorts.
(c) A Declaration of Independence of sorts.
(d) A Constitution of sorts.

4. For Friedman, what is the main argument for licensure?
(a) Materialism.
(b) Paternalism.
(c) Maternalism.
(d) Racism.

5. One argument for government spending that Friedman refutes is that it will reduce what?
(a) Crime.
(b) Unemployment.
(c) Competition.
(d) Fraud.

Short Answer Questions

1. One argument Friedman theorizes for Social Security is ______.

2. According to Friedman, whom does free trade benefit?

3. What one argument for OASI can be justified for Friedman?

4. What is one argument Friedman gives for public housing?

5. What is one way Friedman believes some people criticize markets?

(see the answer key)

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