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This test consists of 5 multiple choice questions, 5 short answer questions, and 10 short essay questions.
Multiple Choice Questions
1. In Friedman's time, what was illegal to buy or sell?
(a) Gold.
(b) Silver.
(c) Alcohol.
(d) Ethanol.
2. A major point for Friedman is that politics and economics are not ______.
(a) Separate.
(b) Together.
(c) Autonomous.
(d) United.
3. Friedman states that government should be ______.
(a) Incorporated.
(b) Decentralized.
(c) Consolidated.
(d) Streamlined.
4. Who does Friedman think should set exchange rates?
(a) The White House.
(b) The Federal Reserve.
(c) No one, they should be allowed to fluctuate on their own.
(d) The International Monetary Fund.
5. What term refers to the Federal Reserve's ability to produce more money than is deposited?
(a) Percent fulfillment banking.
(b) Overdraft protection.
(c) Fractional reserve banking.
(d) Reserve ability production.
Short Answer Questions
1. What does Friedman assert is an example of an appropriate task for government?
2. According to Friedman, which of the following is the least bad?
3. Friedman theorizes that in extreme cases where parents don't pay for schooling, the government could provide a ______.
4. Friedman states that the problem with teacher salaries is not that they are too low, but that they are ______.
5. What is the basic problem of social life for Friedman?
Short Essay Questions
1. Why does Friedman believe government power should be limited?
2. Explain "floating exchange rates."
3. Explain the price system as described by Friedman.
4. What is the balance wheel theory?
5. What examples does Friedman give of appropriate roles of government in a free society?
6. Explain the paternalistic argument that Friedman describes for government involvement in education.
7. Does Friedman believe that most societies have been free or not free?
8. What are Friedman's recommendations in order for stocks to become self-regulating?
9. What is the neighborhood effect?
10. What is fiscal policy?
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This section contains 578 words (approx. 2 pages at 300 words per page) |
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