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This quiz consists of 5 multiple choice and 5 short answer questions through Chapter 9, The Cure for Inflation.

Multiple Choice Questions

1. The price system functions in such a way that each individual acting in his own best interests, makes everyone better off. This concept is known as the:
(a) visible hand
(b) voluntary nature
(c) invisible hand
(d) command

2. According to Friedman what was not a reason for accelerated U.S. monetary growth over a fifteen-year period?
(a) the Federal Reserve following the wrong policy
(b) workers demanding raises
(c) rapid growth in government spending
(d) the full employment policy of the government

3. Equality of outcomes is related to:
(a) fairness or fair shares
(b) rights to open a business
(c) education
(d) right to own property

4. Equality is discussed in all but the following ways:
(a) in every way
(b) outcomes
(c) before God
(d) opportunity

5. All but the following have resulted from centralization in schooling:
(a) less choice for consumers
(b) larger scale units
(c) more choice for consumers
(d) increased power for administrators

Short Answer Questions

1. What must an interstate public carrier have in order to operate?

2. One of the big complaints of parents is that they:

3. Equality before the law refers to all but:

4. Which of the following is not a public assistance program?

5. According to Friedman, the former Soviet economy was based on:

(see the answer key)

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