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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 believe makes registration easier?
(a) Recognition.
(b) Elections.
(c) Taxation.
(d) Representation.

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

3. How many problems with monopolies does Friedman describe?
(a) Two.
(b) One.
(c) Three.
(d) Four.

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

5. Friedman's theory on government intervention is that government is needed to be what regarding disputes?
(a) Umpire.
(b) Announcer.
(c) Fan.
(d) Groundskeeper.

Short Answer Questions

1. Friedman's analysis of government argues that it is not ______.

2. Who does Friedman believe is most critical of capitalism?

3. Friedman's evidence suggests that for every $100 of government spending, a certain amount is added to income. How much?

4. What term refers to the circumstance under which the action of one individual imposes significant costs on other individuals for which it is not feasible to make him compensate them?

5. Which term describes the purpose of federal spending?

(see the answer key)

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