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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. Which of the following can be justified by Friedman for government interventions?
(a) Subsidizing farm production.
(b) Minimum wage.
(c) Property rights.
(d) The draft.

2. According to Friedman, what is liberty's greatest enemy?
(a) The Federal government.
(b) Elected leaders.
(c) The educational system.
(d) Concentration of power.

3. Friedman asserts that the Federal Reserve created the major contractions of the following years except______.
(a) 1937-38.
(b) 1929-33.
(c) 1926-27.
(d) 1920-21.

4. What does Friedman believe will markets do over time to monopolies?
(a) Make them obsolete.
(b) Break them up.
(c) Separate them slowly.
(d) Strengthen them.

5. Friedman advocates the end of ______.
(a) Exchange rates.
(b) Capitalism.
(c) Export quotas.
(d) The free market.

Short Answer Questions

1. What example does Friedman give for one argument for registration?

2. Labor unions are referred to as ______.

3. Friedman believes that government that has the power to do good, also has the power to do ______.

4. What term refers to the argument for education that parents will not do best for their children?

5. For Friedman, where is the best place for power to be held?

(see the answer key)

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