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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. Friedman asserts that government is needed for the ______.
(a) "Rules of the system."
(b) "Rules of the road."
(c) "Rules of the citizens."
(d) "Rules of the game."

2. What does Friedman advocate the abolition of in Chapter 10, The Distribution of Income?
(a) Corporate income tax.
(b) Flat-rate income tax.
(c) Welfare.
(d) Trade unions.

3. According to Friedman, the essence of a competitive market is its ______ character.
(a) Public.
(b) Impersonal.
(c) Private.
(d) Trustworthy.

4. What does Friedman prefer when it comes to exchange rates?
(a) Floating exchange rates.
(b) Rising exchange rates?
(c) Sinking exchange rates.
(d) Hovering exchange rates.

5. Friedman believes that government that has the power to do good, also has the power to do ______.
(a) Nothing.
(b) Wrong.
(c) Right.
(d) Bad.

Short Answer Questions

1. To what previous restrictions on labor does Friedman compare licenses?

2. What is the term for currency not being traded for any amount of another currency?

3. What does OASI stand for?

4. According to Friedman, who benefits from licensure?

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

(see the answer key)

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