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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. What does Friedman believe needs protection in order for the freedom of the market to arise?
(a) Religion.
(b) Contracts.
(c) Citizens.
(d) Government.

2. According to Friedman, what is one problem with government stimulus during a recession?
(a) More often than not, inflation skyrockets.
(b) The stimulus is generally too small to jump-start the economy.
(c) The attempts often have a negative effect.
(d) The measures do not take effect until after the recession.

3. According to Friedman, whom does free trade benefit?
(a) The poorer trading country.
(b) Both trading countries.
(c) Neither trading country.
(d) The wealthier trading country.

4. Friedman believes that vocational and professional schools should be totally ______ run.
(a) Publicly.
(b) Governmentally.
(c) Cooperatively.
(d) Privately.

5. What is one way Friedman believes some people criticize markets?
(a) It hurts those in power.
(b) It inequitably distributes wealth.
(c) It gives people what they want.
(d) It limits people's choices.

Short Answer Questions

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

2. One of Friedman's claims for government involvement in education asserts that there are ______ to education.

3. Friedman asserts that government is needed for the ______.

4. According to Friedman, what is a necessary condition for political freedom?

5. Friedman's theory is that monetary exchange rates will allow trades across countries to ______ in accord with those rates.

(see the answer key)

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