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This quiz consists of 5 multiple choice and 5 short answer questions through Chapter 9, The Cure for Inflation.

Multiple Choice Questions

1. Friedman's view is that everyone who wants a higher education:
(a) should have the higher education if he/she is willing to pay for it
(b) should find a sponsor
(c) should receive government funding
(d) should be financed

2. In the tobacco economy, inflation occurred when there was:
(a) too little tobacco
(b) too much tobacco
(c) they switched to wampum
(d) no tobacco

3. Free trade takes place when:
(a) all parties feel they can benefit
(b) when one party can benefit
(c) when consumers want a good
(d) when producers want to see a good

4. After World War II government expansion was due to:
(a) central economic planning
(b) nationalization of industry
(c) commerce
(d) finance

5. Free markets lead to:
(a) economic tyrrany
(b) less individual freedom
(c) greater individual freedom
(d) bankruptcy

Short Answer Questions

1. The national security argument for protection states that:

2. The country whose post-World War II domestic policy was aimed at promoting equality of outcomes is:

3. The major welfare program in the United States is:

4. In what ways does competition protect the consumer?

5. The words equality and liberty come from the:

(see the answer key)

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