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This quiz consists of 5 multiple choice and 5 short answer questions through Chapter 10, The Tide is Turning.

Multiple Choice Questions

1. The distribution of income is determined by all but the following:
(a) the productive resource supplied
(b) the quality of the resource
(c) reputation
(d) the price that resource receives in the market

2. According to Friedman, the former Soviet economy was based on:
(a) command
(b) none of the above
(c) free markets
(d) voluntary cooperation

3. Prices function to transmit information to all but:
(a) manufacturerr
(b) no one in particular
(c) buyers
(d) sellers

4. What does Friedman call one of the most successful labor unions in history?
(a) the AMA
(b) plumbers
(c) carpenters
(d) autoworkers

5. Governments intervene in foreign currency markets:
(a) by buying and selling domenstic and foreign currency
(b) by increasing exports
(c) by refusing to release currency to the market
(d) by increasing imports

Short Answer Questions

1. In regard to equality and liberty:

2. In the 1920s, what publications were the leading intellectual journals of opinion?

3. What words did Thomas Jefferson write?

4. The command elements of every economy include things like:

5. The purpose of the Consumer Products Safety Commission is to:

(see the answer key)

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