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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 is the name of the system with the purpose of regulating monetary policy between leading countries?
(a) The Gold Standard System.
(b) The Bretton Woods System.
(c) The International Monetary System.
(d) The World Bank System.

2. Where does Friedman live?
(a) Philadelphia.
(b) Chicago.
(c) San Francisco.
(d) New York.

3. According to Friedman, what is one unknown negative effect of farm subsidies?
(a) Increase in production of cotton.
(b) A hindrance to the pursuit of foreign policy.
(c) An emphasis on educational testing.
(d) A removal of three senate seats.

4. Friedman believes that the goddess of chance is ______.
(a) Skilled.
(b) Blind.
(c) Dead.
(d) Deaf.

5. What two professions does Friedman compare to support his claim on the harm it does when people are unable to find mutually acceptable contracts?
(a) Baseball player and basketball player.
(b) Blues singer and opera singer.
(c) Doctor and priest.
(d) Teacher and professor.

Short Answer Questions

1. How are decisions, for Friedman, made where unanimity is a costly way of making decisions?

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

3. What is the term for currency not being traded for any amount of another currency?

4. Friedman would agree that racism is ______.

5. Friedman states that the problem with teacher salaries is not that they are too low, but that they are ______.

(see the answer key)

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