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This test consists of 15 multiple choice questions and 5 short answer questions.

Multiple Choice Questions

1. Friedman believes that the income tax system is:
(a) needs more loopholes
(b) based on ability to pay
(c) equitable
(d) in need of reform

2. To function as a medium of exchange, an item must be:
(a) easy to carry
(b) printed
(c) accepted in exchange for goods and services
(d) valuable

3. In what ways does competition protect the consumer?
(a) through the honesty of sellers
(b) consumers will not continually buy shoddy products
(c) by the information provided with the product
(d) by advertising

4. Which of the following laws is not specifically aimed at protection of workers?
(a) Medicaid
(b) minimum wage legislation
(c) workmen's compensation
(d) length of workweek

5. A school voucher program would:
(a) have no effect on taxes paid
(b) raise taxes
(c) increase the costs of education
(d) lower taxes

6. In the 1920s, what publications were the leading intellectual journals of opinion?
(a) Newsweek
(b) the New Republic and the Nation
(c) Life Magazine
(d) the New York Times

7. The purpose of the EPA is to:
(a) promote safer working environments
(b) protect and enhance the environment
(c) promote nicer looking neighborhoods
(d) regulate landscaping

8. Attendance at school became mandatory in all states in:
(a) 1900
(b) 1923
(c) 1918
(d) 1875

9. Private education prevailed until the:
(a) 1950s
(b) 1940s
(c) 1920s
(d) 1930s

10. The Department of Energy was formed in response to the:
(a) the need for oil
(b) formation of OPEC
(c) to produce oil
(d) series of energy crises in the 1970s

11. What program would allow greater choices for parents?
(a) the school voucher program
(b) being able to select any school
(c) sending children to private schools
(d) making all education private

12. The railroads:
(a) used the ICC to support their price fixing and market sharing agreementsq
(b) ignored the ICC
(c) bitterly opposed the formation of the ICC
(d) refused to join the ICC

13. Parents who send their children to private schools:
(a) none of the above
(b) pay a lower amount of taxes for public schools
(c) pay not taxes for public schools
(d) still pay taxes for public schools

14. The Environmental Protection Agency was formed in:
(a) 1972
(b) 1975
(c) 1966
(d) 1970

15. In terms of goods, the price of money:
(a) not possible to determine
(b) equal to the price of the good
(c) is one third the price of goods
(d) is the reciprocal of the price of goods in terms of money

Short Answer Questions

1. In Friedman's view, special interests:

2. As a result of inflation, there is:

3. In Great Britain:

4. In the inner city schools, much of the money goes for all but the following:

5. Friedman suggests constitutional amendments to limit government in all but the following areas:

(see the answer keys)

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