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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 hypothesizes that the change from free market societies to economic controlled ones led classical liberals to worry that it would ______ political freedom.
(a) Undermine.
(b) Bolster.
(c) Weaken.
(d) Strengthen.

2. Friedman's analysis of government argues that it is not ______.
(a) Contractionary.
(b) Expansionary.
(c) Stagnantary.
(d) Reductionary.

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

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

5. Besides enforcing contracts, what one other thing does Friedman say government should do?
(a) Protect against external threats.
(b) Regulate commerce.
(c) Provide for public transportation.
(d) Secure a country's borders.

Short Answer Questions

1. To what previous restrictions on labor does Friedman compare licenses?

2. Where does Friedman live?

3. One question Friedman asks is how we can stop government from destroying ______.

4. Which type of education does Friedman not advocate the government paying for?

5. What major event does Friedman strongly believe was a result of the government mishandling the money supply?

(see the answer key)

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