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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 effect has public housing had on the density of people per dwelling?
(a) Maintained it.
(b) Reduced it.
(c) Spread it out.
(d) Increased it.

2. What is the name of the system with the purpose of regulating monetary policy between leading countries?
(a) The Gold Standard System.
(b) The Bretton Woods System.
(c) The World Bank System.
(d) The International Monetary System.

3. What example does Friedman use to demonstrate his views on employment practices?
(a) A blacksmith.
(b) A grocer.
(c) A lawyer.
(d) A baker.

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

5. A key component of the government spending is the ______.
(a) Reduction effect.
(b) Multiplier effect.
(c) Externality effect.
(d) Substitution effect.

Short Answer Questions

1. According to Friedman, the market enables wide diversity, meaning power can be located in ______.

2. What does OASI stand for?

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

4. Which of the following can be justified by Friedman for government interventions?

5. Who does Friedman state rejects the view that the government is the patron or master of the citizenry?

(see the answer key)

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