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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. Which term describes the purpose of federal spending?
(a) None of the answers is correct.
(b) "Balance wheel."
(c) "Seesaw."
(d) "Balance beam."

2. Friedman's theory is that monetary exchange rates will allow trades across countries to ______ in accord with those rates.
(a) Equilibrate.
(b) Stagnate.
(c) Decrease.
(d) Increase.

3. Originally, liberalism fought for freedom of thought, free-markets, free trade, constitutionalism, representative government, and ______.
(a) The rule of law.
(b) A welfare state.
(c) Rights of the poor.
(d) Fair trade.

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

5. Forming a list of who engages in what is known as ______.
(a) Listing.
(b) Licensing.
(c) Organizing.
(d) Registration.

Short Answer Questions

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

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

3. According to Friedman, what cannot exist without a literate and informed population?

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

5. Friedman makes the distinction between education and ______.

(see the answer key)

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