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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. Instead of government spending, what does Friedman advocate the government use to stabilize the economy?
(a) Unemployment.
(b) Taxes.
(c) Welfare.
(d) Health care.

2. One solution Friedman proposes is to give parents ______ for schooling.
(a) Credits.
(b) Vouchers.
(c) Tokens.
(d) Coupons.

3. Friedman's theory on government intervention is that government is needed to be what regarding disputes?
(a) Umpire.
(b) Fan.
(c) Groundskeeper.
(d) Announcer.

4. What does Friedman believe will become self-regulating?
(a) The gold standard.
(b) Monetary stocks.
(c) Exchange rates.
(d) The World Bank.

5. Which of the following cannot be justified by Friedman for government interventions?
(a) Vouchers for education.
(b) Free speech.
(c) Public parks.
(d) Roads.

Short Answer Questions

1. In Friedman's analysis, what century is the historical exception to most men living in tyranny, servitude, and misery?

2. According to Friedman, what is the Federal Reserve lacking?

3. What is the basic problem of social life for Friedman?

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

5. Friedman believes that free markets are not sufficient for political freedom since many countries demonstrate the possibility of ______.

(see the answer key)

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