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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 does Friedman believe will markets do over time to monopolies?
(a) Break them up.
(b) Separate them slowly.
(c) Make them obsolete.
(d) Strengthen them.

2. Who does Friedman believe maintains the system of licensure?
(a) Federal government.
(b) Licensed members of each field.
(c) Local unions.
(d) Licensure review board.

3. Labor unions are referred to as ______.
(a) Produced monopoly.
(b) Monopoly in labor.
(c) Monopoly in industry.
(d) Monopoly in government.

4. Friedman claims there is no connection between equal treatment and what?
(a) Equal protection.
(b) Equal opportunity.
(c) Equal rights.
(d) Equal shares of income.

5. What does Friedman claim that governments abuse?
(a) Ability to issue stocks.
(b) The power to determine taxes.
(c) Commodity standards.
(d) The trust of the people.

Short Answer Questions

1. In Friedman's opinion, what should individuals be allowed to do?

2. Three levels of control are licensing, registration, and ______.

3. What does Friedman believe will become self-regulating?

4. Which of the following, for Friedman, is the most important factor for the Federal Reserve?

5. What does Friedman prefer when it comes to exchange rates?

(see the answer key)

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