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This quiz consists of 5 multiple choice and 5 short answer questions through Chapter 11, Social Welfare Measures.

Multiple Choice Questions

1. Labor unions are referred to as ______.
(a) Monopoly in labor.
(b) Monopoly in industry.
(c) Produced monopoly.
(d) Monopoly in government.

2. Friedman would agree that racism is ______.
(a) Unavoidable.
(b) Expensive.
(c) Fixable with government intervention.
(d) Curable.

3. Which of the following cannot be justified by Friedman for government interventions?
(a) Roads.
(b) Public parks.
(c) Vouchers for education.
(d) Free speech.

4. Friedman's theory on government intervention is that government is needed to be what regarding disputes?
(a) Umpire.
(b) Groundskeeper.
(c) Fan.
(d) Announcer.

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

Short Answer Questions

1. Friedman defines a country as a collection of ______.

2. Which of the following does Friedman dispute?

3. What is the term for laws that forbid membership in a union a requirement for employment?

4. A common misunderstanding of economic freedom, according to Friedman, is that it emphasizes ______.

5. What term refers to the circumstance under which the action of one individual imposes significant costs on other individuals for which it is not feasible to make him compensate them?

(see the answer key)

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