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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. What does Friedman believe makes registration easier?
(a) Taxation.
(b) Elections.
(c) Representation.
(d) Recognition.

2. According to Friedman, which of the following is the least bad?
(a) Public regulation.
(b) Private regulation.
(c) Public monopoly.
(d) Private monopoly.

3. Friedman argues against the theory that $100 in government spending will increase income by ______.
(a) $50.
(b) $100.
(c) $300.
(d) $150.

4. A common misunderstanding of economic freedom, according to Friedman, is that it emphasizes ______.
(a) Socialism.
(b) Wealth.
(c) Materialism.
(d) Prosperity.

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) Reserve ability production.
(d) Overdraft protection.

Short Answer Questions

1. Besides enforcing contracts, what one other thing does Friedman say government should do?

2. The thought that the best use of government spending would be on useless projects is known as ______.

3. What does the Texas Railroad Commission enforce?

4. Friedman states that government should be ______.

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

(see the answer key)

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