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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. Where does Friedman live?
(a) Chicago.
(b) San Francisco.
(c) New York.
(d) Philadelphia.

2. The original balancing thought is based on whose economic philosophy?
(a) Marx.
(b) Krugman.
(c) Smith.
(d) Keynes.

3. What does Friedman say can government not duplicate?
(a) An international monitoring system.
(b) The power of local control.
(c) The creativity of the individual.
(d) The free market economic system.

4. What industry does Friedman use to argue against licensure?
(a) Economists.
(b) Attorneys.
(c) Teachers.
(d) Medical.

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

Short Answer Questions

1. Friedman's analysis of government argues that it is not ______.

2. What does Friedman use as an example of a use of government where individuals cannot consume individual amounts?

3. Friedman's evidence suggests that for every $100 of government spending, a certain amount is added to income. How much?

4. How are decisions, for Friedman, made where unanimity is a costly way of making decisions?

5. Which group does Friedman believe to be contradictory in their views on free speech and fair employment laws?

(see the answer key)

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