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This quiz consists of 5 multiple choice and 5 short answer questions through Chapter 13, Conclusion.

Multiple Choice Questions

1. What is one argument Friedman gives for public housing?
(a) The neighborhood effect.
(b) The paternalism effect.
(c) The law of supply effect.
(d) The law of demand effect.

2. What is one disadvantage Friedman describes of programs to alleviate poverty?
(a) Administration.
(b) Authorization.
(c) Fraud.
(d) Funding.

3. 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) Doctor and priest.
(b) Baseball player and basketball player.
(c) Teacher and professor.
(d) Blues singer and opera singer.

4. Which of the following is not an example of social welfare?
(a) Occupational licensure.
(b) Medicare.
(c) Public housing.
(d) Minimum wage laws.

5. What does Friedman prefer when it comes to exchange rates?
(a) Sinking exchange rates.
(b) Floating exchange rates.
(c) Rising exchange rates?
(d) Hovering exchange rates.

Short Answer Questions

1. One argument Friedman theorizes for Social Security is ______.

2. According to Friedman, what is a necessary condition for political freedom?

3. According to Friedman, the essence of a competitive market is its ______ character.

4. Friedman's analysis of government argues that it is not ______.

5. At the time of the book's publication, there was a tendency to regard government intervention as ______.

(see the answer key)

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