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This quiz consists of 5 multiple choice and 5 short answer questions through Chapter 9, Occupational Licensure.

Multiple Choice Questions

1. Friedman advocates that individuals should be able to buy and sell ______.
(a) Foreign currency.
(b) Silver.
(c) Gold.
(d) Stocks.

2. Friedman hypothesizes that there has been a change in discrimination along with the rise of capitalism because ______.
(a) Greed has overtaken all ethical values.
(b) Religion has argued equality on moral grounds.
(c) There has been an increase in the population of skilled workers.
(d) Contract arrangements replaced status as a source of wealth.

3. What is one example of a negative externality?
(a) Private education.
(b) Welfare.
(c) Pollution.
(d) Lack of voting.

4. What two professions does Friedman compare to support his claim on the harm it does when people are unable to find mutually acceptable contracts?
(a) Teacher and professor.
(b) Baseball player and basketball player.
(c) Blues singer and opera singer.
(d) Doctor and priest.

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

Short Answer Questions

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

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

3. Friedman believes that vocational and professional schools should be totally ______ run.

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

5. What does Friedman believe is an appropriate rate of increase for the Federal Reserve?

(see the answer key)

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