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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. Which of the following does Friedman dispute?
(a) A free market economic system works.
(b) The Central Bank holds too much power.
(c) The gold standard for backing money is good.
(d) Government should stay out of individual economic choices.

2. What one argument for OASI can be justified for Friedman?
(a) It puts youth and the elderly on the same playing field.
(b) It serves as a magnification of society's social issues.
(c) It helps high-income people more than low-income people.
(d) It helps low-income people more than high-income people.

3. Friedman believes that free markets are not sufficient for political freedom since many countries demonstrate the possibility of ______.
(a) Authoritarian capitalism.
(b) Economic freedom.
(c) Dictatorial government.
(d) Laissez-faire markets.

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

5. One solution Friedman proposes is to give parents ______ for schooling.
(a) Credits.
(b) Vouchers.
(c) Tokens.
(d) Coupons.

Short Answer Questions

1. Friedman would agree that racism is ______.

2. Friedman advocates that individuals should be able to buy and sell ______.

3. One question Friedman asks is how we can stop government from destroying ______.

4. What does Friedman believe needs protection in order for the freedom of the market to arise?

5. Friedman argues against the theory that $100 in government spending will increase income by ______.

(see the answer key)

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