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

2. Friedman believes that ______ are no argument for nationalizing the provision of annuities.
(a) Economies of scale.
(b) Income stabilizations.
(c) Opportunity costs.
(d) Wealth redistributions.

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

4. One question Friedman asks is how we can stop government from destroying ______.
(a) Entertainment.
(b) Freedom.
(c) Citizens.
(d) Taxes.

5. In Friedman's time, what was illegal to buy or sell?
(a) Alcohol.
(b) Silver.
(c) Gold.
(d) Ethanol.

Short Answer Questions

1. Friedman's theory is that monetary exchange rates will allow trades across countries to ______ in accord with those rates.

2. Friedman asserts that government is needed for the ______.

3. Friedman defines a country as a collection of ______.

4. According to Friedman, who benefits from licensure?

5. Friedman believes that economic control can lead to infringements on ______.

(see the answer key)

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