View a FREE sample

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

Multiple Choice Questions

1. Friedman theorizes compulsory purchase of annuities has imposed ______ costs for ______ gains.
(a) Little, large.
(b) Large, little.
(c) Social, political.
(d) Minimal, moderate.

2. Labor unions are referred to as ______.
(a) Monopoly in government.
(b) Monopoly in labor.
(c) Produced monopoly.
(d) Monopoly in industry.

3. According to Friedman, the essence of a competitive market is its ______ character.
(a) Impersonal.
(b) Trustworthy.
(c) Public.
(d) Private.

4. According to Friedman, what is one problem with government stimulus during a recession?
(a) The measures do not take effect until after the recession.
(b) The stimulus is generally too small to jump-start the economy.
(c) More often than not, inflation skyrockets.
(d) The attempts often have a negative effect.

5. What effect has Friedman observed that minimum wage laws have had on poverty?
(a) Reduced it.
(b) Maintained it.
(c) Increased it.
(d) Spread it out.

Short Answer Questions

1. What does FEPC stand for?

2. What industry sector is most prevalent in monopoly?

3. What does Friedman say can government not duplicate?

4. What two professions does Friedman compare to support his claim on the harm it does when people are unable to find mutually acceptable contracts?

5. Friedman's belief is that what cause would free trade substantially promote, both domestically and internationally?

(see the answer key)

This section contains 244 words (approx. 1 page at 300 words per page) View a FREE sample