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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. For Friedman, where is the best place for power to be held?
(a) In the economic system.
(b) In the local community.
(c) In the states.
(d) At the federal level.

2. What does the Texas Railroad Commission enforce?
(a) Number of trains on the rails.
(b) Cattle in fields near railway lines.
(c) Output of oil wells.
(d) Transportation of goods by rail.

3. What term refers to the Federal Reserve's ability to produce more money than is deposited?
(a) Overdraft protection.
(b) Percent fulfillment banking.
(c) Reserve ability production.
(d) Fractional reserve banking.

4. What does FEPC stand for?
(a) Fair Employment Practice Commission.
(b) Fixing Economic Policy for Capitalism.
(c) Future Exercises for Preventing Catastrophes.
(d) Finding Education and People Cooperatively.

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

Short Answer Questions

1. Friedman states that government should be ______.

2. What industry does Friedman use to explain his views on monopoly in labor?

3. What does Friedman believe will markets do over time to monopolies?

4. Which of the following cannot be justified by Friedman for government interventions?

5. What example does Friedman use to demonstrate his views on employment practices?

(see the answer key)

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