View a FREE sample

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

Multiple Choice Questions

1. Which of the following does Friedman dispute?
(a) The gold standard for backing money is good.
(b) The Central Bank holds too much power.
(c) A free market economic system works.
(d) Government should stay out of individual economic choices.

2. Friedman's belief is that what cause would free trade substantially promote, both domestically and internationally?
(a) Currency exchange.
(b) Political power.
(c) Freedom.
(d) Regulation.

3. To what does Friedman equate competition?
(a) A Euclidean line.
(b) The Prime Meridian.
(c) A perpendicular line.
(d) A parallel line.

4. What does FEPC stand for?
(a) Fixing Economic Policy for Capitalism.
(b) Future Exercises for Preventing Catastrophes.
(c) Finding Education and People Cooperatively.
(d) Fair Employment Practice Commission.

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

Short Answer Questions

1. Friedman advocates that government should not be a master, but a/an ______.

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

3. Which of the following can be justified by Friedman for government interventions?

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?

5. Friedman argues against the theory that $100 in government spending will increase income by ______.

(see the answer key)

This section contains 263 words (approx. 1 page at 300 words per page) View a FREE sample