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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. In Friedman's eyes, individual activities correspond to game players as the framework of law corresponds to______.
(a) Leaders of the game.
(b) Finishers of the game.
(c) Players of the game.
(d) Rulers of the game.

2. Friedman's evidence suggests that for every $100 of government spending, a certain amount is added to income. How much?
(a) $100.
(b) $50.
(c) $150.
(d) $300.

3. Which of the following does Friedman dispute?
(a) A free market economic system works.
(b) The Central Bank holds too much power.
(c) Government should stay out of individual economic choices.
(d) The gold standard for backing money is good.

4. Which term describes the purpose of federal spending?
(a) None of the answers is correct.
(b) "Seesaw."
(c) "Balance beam."
(d) "Balance wheel."

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

Short Answer Questions

1. What is the basic problem of social life for Friedman?

2. Which term refers to the government stimulating spending?

3. Friedman suggests that employees may prefer to have part of their remuneration take the form of amenities such as what?

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

5. Friedman argues against the theory that $100 in government spending will increase income by ______.

(see the answer key)

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