View a FREE sample

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

Multiple Choice Questions

1. According to Friedman, what are licenses restrictions on?
(a) Who may hire whom.
(b) The qualifications of those doing the hiring.
(c) The age of those who are licensed.
(d) What schools professionals may attend.

2. According to Friedman, what is one unknown negative effect of farm subsidies?
(a) A hindrance to the pursuit of foreign policy.
(b) A removal of three senate seats.
(c) Increase in production of cotton.
(d) An emphasis on educational testing.

3. According to Friedman, what is one problem with government stimulus during a recession?
(a) The attempts often have a negative effect.
(b) The stimulus is generally too small to jump-start the economy.
(c) The measures do not take effect until after the recession.
(d) More often than not, inflation skyrockets.

4. If forced to choose between segregation or integration, which would Friedman choose?
(a) Integration.
(b) Segregation.
(c) Neither.
(d) A combination.

5. According to Friedman, what is the goal of government intervention regarding the distribution of income?
(a) Income equality.
(b) Taxation.
(c) Social welfare.
(d) Job creation.

Short Answer Questions

1. What caused all the major nations to abandon the gold standard?

2. For Friedman, what is something that when privately owned can be used if the price is right?

3. What industry sector is most prevalent in monopoly?

4. Friedman hypothesizes that the change from free market societies to economic controlled ones led classical liberals to worry that it would ______ political freedom.

5. Friedman states that ______ is a generator of inequality.

(see the answer key)

This section contains 253 words (approx. 1 page at 300 words per page) View a FREE sample