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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. Who does Friedman think should set exchange rates?
(a) The Federal Reserve.
(b) No one, they should be allowed to fluctuate on their own.
(c) The White House.
(d) The International Monetary Fund.

2. Friedman advocates that government should not be a master, but a/an ______.
(a) Mechanism.
(b) Instrument.
(c) Philosophy.
(d) Slave.

3. Three levels of control are licensing, registration, and ______.
(a) Initiation.
(b) Acceptance.
(c) Recognition.
(d) Certification.

4. In Friedman's eyes, individual activities correspond to game players as the framework of law corresponds to______.
(a) Rulers of the game.
(b) Players of the game.
(c) Leaders of the game.
(d) Finishers of the game.

5. Friedman makes the distinction between education and ______.
(a) Instruction.
(b) Aging.
(c) Income.
(d) Schooling.

Short Answer Questions

1. According to Friedman, it can be argued that private schools ______ class distinctions, and therefore need government intervention.

2. According to Friedman, what is one problem with government stimulus during a recession?

3. Which of the following does Friedman dispute?

4. What term describes the deliberate setting of prices through an agreement by firms?

5. In Friedman's opinion, what should individuals be allowed to do?

(see the answer key)

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