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

Multiple Choice Questions

1. Forming a list of who engages in what is known as ______.
(a) Organizing.
(b) Listing.
(c) Licensing.
(d) Registration.

2. Friedman advocates that government should not be a master, but a/an ______.
(a) Slave.
(b) Philosophy.
(c) Mechanism.
(d) Instrument.

3. What term refers to the Federal Reserve's ability to produce more money than is deposited?
(a) Fractional reserve banking.
(b) Reserve ability production.
(c) Percent fulfillment banking.
(d) Overdraft protection.

4. What does Friedman advocate the abolition of in Chapter 10, The Distribution of Income?
(a) Flat-rate income tax.
(b) Corporate income tax.
(c) Trade unions.
(d) Welfare.

5. Friedman advocates ______ income of the poor.
(a) Supplementing.
(b) Taxing.
(c) Supplanting.
(d) Reducing.

Short Answer Questions

1. For Friedman, what is the main argument for licensure?

2. According to Friedman, a liberal will welcome measures that promote what?

3. Friedman's evidence suggests that for every $100 of government spending, a certain amount is added to income. How much?

4. What is the term for making non-membership in a union a condition of employment?

5. What is one disadvantage Friedman describes of programs to alleviate poverty?

(see the answer key)

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