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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 is the name of the system with the purpose of regulating monetary policy between leading countries?
(a) The Gold Standard System.
(b) The Bretton Woods System.
(c) The International Monetary System.
(d) The World Bank System.

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

3. According to Friedman, what conflicts with one another for men?
(a) Absolute freedom.
(b) Religious beliefs.
(c) Economic interests.
(d) Political ideology.

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

5. What term refers to the Federal Reserve's ability to produce more money than is deposited?
(a) Percent fulfillment banking.
(b) Fractional reserve banking.
(c) Overdraft protection.
(d) Reserve ability production.

Short Answer Questions

1. Friedman points out one idea that is often forgotten is that political and economic institutions have been ______.

2. For Friedman, what is the main argument for licensure?

3. What does the Texas Railroad Commission enforce?

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

5. For Friedman, what is something that when privately owned can be used if the price is right?

(see the answer key)

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