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

2. Friedman believes that all of the following are appropriate for fiscal policy except ______.
(a) Avoiding erratic changes in spending.
(b) Planning for stable tax rates.
(c) Fluctuating in spending based on the political climate.
(d) Spending based on community priorities.

3. One of Friedman's claims for government involvement in education asserts that there are ______ to education.
(a) Positive externalities.
(b) Minimal costs.
(c) Negative externalities.
(d) Extreme costs.

4. Friedman theorizes compulsory purchase of annuities has imposed ______ costs for ______ gains.
(a) Little, large.
(b) Social, political.
(c) Minimal, moderate.
(d) Large, little.

5. A major point for Friedman is that politics and economics are not ______.
(a) Together.
(b) United.
(c) Autonomous.
(d) Separate.

Short Answer Questions

1. In Chapter 3, what does Friedman provide a history of?

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

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

4. Friedman theorizes that in extreme cases where parents don't pay for schooling, the government could provide a ______.

5. What industry does Friedman use to argue against licensure?

(see the answer key)

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