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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. In Friedman's mind, why is centralization attractive to many?
(a) Better pool of resources.
(b) Consolidation of power.
(c) Streamlined services.
(d) Government can promote the public interest.

2. What does the Texas Railroad Commission enforce?
(a) Number of trains on the rails.
(b) Output of oil wells.
(c) Cattle in fields near railway lines.
(d) Transportation of goods by rail.

3. For Friedman, what is the main argument for licensure?
(a) Paternalism.
(b) Racism.
(c) Materialism.
(d) Maternalism.

4. What is one example Friedman uses to demonstrate his point on monopoly in industry?
(a) Textile vs. production industry.
(b) Entertainment vs. telecommunication industry.
(c) Automobile vs. wholesale industry.
(d) Steel vs. shipping industry.

5. Friedman believes that economic control can lead to infringements on ______.
(a) Licensing requirements.
(b) International trade.
(c) Liberties.
(d) Social welfare.

Short Answer Questions

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

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

3. Which of the following, for Friedman, is the most important factor for the Federal Reserve?

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

5. According to Friedman, what is lost when foreign exchange is controlled by the government?

(see the answer key)

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