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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 claims there is no connection between equal treatment and what?
(a) Equal opportunity.
(b) Equal shares of income.
(c) Equal protection.
(d) Equal rights.

2. Who does Friedman believe is most critical of capitalism?
(a) Communists.
(b) Democrats.
(c) Socialists.
(d) Marxists.

3. What does Friedman believe is one drawback of the Federal Reserve having so much power?
(a) The Federal Reserve chairperson is elected and therefore subject to the whims of the public.
(b) The Federal Reserve has rules that are too strict to follow in order to make any real change.
(c) When the Federal Reserve makes mistakes, the whole country suffers.
(d) When the Federal Reserve does well, only a few profit.

4. In Chapter 3, what does Friedman provide a history of?
(a) American monetary policy.
(b) World War I.
(c) The Federal Reserve System.
(d) British colonialism.

5. What is the relationship between capitalism and the fraction of income paid for capital in countries?
(a) Inverse.
(b) Perpendicular.
(c) Correlational.
(d) Direct.

Short Answer Questions

1. Friedman states that ______ is a generator of inequality.

2. What caused all the major nations to abandon the gold standard?

3. What example does Friedman use to argue against the redistribution of wealth?

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

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

(see the answer key)

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