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This quiz consists of 5 multiple choice and 5 short answer questions through Chapter 11, Social Welfare Measures.

Multiple Choice Questions

1. What does Friedman assert is an example of an appropriate task for government?
(a) Regulating the job market.
(b) Defining property rights.
(c) Providing for the social welfare.
(d) Determining price.

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

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

4. To what previous restrictions on labor does Friedman compare licenses?
(a) Fraternities and sororities.
(b) Guilds and castes.
(c) Clubs and coalitions.
(d) Unions and organizations.

5. According to Friedman, whom does free trade benefit?
(a) Neither trading country.
(b) The wealthier trading country.
(c) The poorer trading country.
(d) Both trading countries.

Short Answer Questions

1. Friedman theorizes compulsory purchase of annuities has imposed ______ costs for ______ gains.

2. Friedman uses the example of selling ______ to demonstrate a true global economy.

3. What industry does Friedman use to explain his views on monopoly in labor?

4. Friedman claims there is no connection between equal treatment and what?

5. What does the Texas Railroad Commission enforce?

(see the answer key)

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