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This quiz consists of 5 multiple choice and 5 short answer questions through Chapter 10, The Distribution of Income.

Multiple Choice Questions

1. Friedman theorizes that in extreme cases where parents don't pay for schooling, the government could provide a ______.
(a) Discount.
(b) Allowance.
(c) Pass.
(d) Subsidy.

2. Which of the following, for Friedman, is the most important factor for the Federal Reserve?
(a) Stability.
(b) Loans and lending practices.
(c) Regulation of the market.
(d) Economic growth.

3. Friedman asserts that the Federal Reserve created the major contractions of the following years except______.
(a) 1937-38.
(b) 1920-21.
(c) 1926-27.
(d) 1929-33.

4. What term refers to the argument for education that parents will not do best for their children?
(a) Maternalistic.
(b) Employment.
(c) Paternalistic.
(d) Sacrificial.

5. Friedman states that the problem with teacher salaries is not that they are too low, but that they are ______.
(a) The same regardless of quality.
(b) Not inclusive of benefits.
(c) Linked to the amount of education the teacher has.
(d) Computed based on seniority.

Short Answer Questions

1. What is the relationship between capitalism and the fraction of income paid for capital in countries?

2. What does Friedman advocate the abolition of in Chapter 10, The Distribution of Income?

3. According to Friedman, what is the goal of government intervention regarding the distribution of income?

4. Friedman makes the distinction between education and ______.

5. Which type of education does Friedman not advocate the government paying for?

(see the answer key)

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