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This quiz consists of 5 multiple choice and 5 short answer questions through Chapter 7, Who Protects the Consumer?.

Multiple Choice Questions

1. Who has the greatest amount of choice in the selection of schooling?
(a) the wealthy
(b) the middle income group
(c) the indigent
(d) all have equal choice

2. Equality is discussed in all but the following ways:
(a) before God
(b) outcomes
(c) in every way
(d) opportunity

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

4. The economist that changed the way of economic thinking regarding depressions was:
(a) David Ricardo
(b) John Maynard Keynes
(c) Adam Smith
(d) Milton Friedman

5. An egalitarian supports:
(a) total freedom for all
(b) programs resulting in greater liberty
(c) get rich quick schemes
(d) equality of outcomes

Short Answer Questions

1. A run on a bank occurs when depositors:

2. In what ways does competition protect the consumer?

3. The Federal Reserve Act was legislated in:

4. An exchange rate is the:

5. According to Friedman, the former Soviet economy was based on:

(see the answer key)

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