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

2. One role of government argued by the New Deal was to ______.
(a) Provide subsidies for the poor.
(b) Eliminate excessive alcohol drinking.
(c) Regulate military spending.
(d) Even out economic cycles.

3. What does Friedman believe is an appropriate rate of increase for the Federal Reserve?
(a) 5%-7%.
(b) None. That is not a goal of the Federal Reserve.
(c) 3%-5%.
(d) 1%-3%.

4. Friedman states that ______ is a generator of inequality.
(a) Social security.
(b) Redistribution.
(c) Taxation.
(d) Unemployment.

5. Friedman believes that one governmental action that is justifiable is to set a ______ education level.
(a) Minimum.
(b) Standard.
(c) Maximum.
(d) Rational.

Short Answer Questions

1. One of Friedman's claims for government involvement in education asserts that there are ______ to education.

2. According to Friedman, it can be argued that private schools ______ class distinctions, and therefore need government intervention.

3. Friedman believes that the goddess of chance is ______.

4. What does Friedman claim that governments abuse?

5. What term refers to the argument for education that parents will not do best for their children?

(see the answer key)

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