Name: _________________________ | Period: ___________________ |
This quiz consists of 5 multiple choice and 5 short answer questions through Chapter 7, Capitalism and Discrimination.
Multiple Choice Questions
1. In Chapter 3, what does Friedman provide a history of?
(a) World War I.
(b) British colonialism.
(c) American monetary policy.
(d) The Federal Reserve System.
2. Friedman believes that free markets are not sufficient for political freedom since many countries demonstrate the possibility of ______.
(a) Economic freedom.
(b) Authoritarian capitalism.
(c) Dictatorial government.
(d) Laissez-faire markets.
3. If forced to choose between segregation or integration, which would Friedman choose?
(a) Segregation.
(b) Integration.
(c) Neither.
(d) A combination.
4. What is one way Friedman believes some people criticize markets?
(a) It inequitably distributes wealth.
(b) It limits people's choices.
(c) It hurts those in power.
(d) It gives people what they want.
5. Friedman hypothesizes that the change from free market societies to economic controlled ones led classical liberals to worry that it would ______ political freedom.
(a) Bolster.
(b) Undermine.
(c) Weaken.
(d) Strengthen.
Short Answer Questions
1. What does Friedman believe is an appropriate rate of increase for the Federal Reserve?
2. What two professions does Friedman compare to support his claim on the harm it does when people are unable to find mutually acceptable contracts?
3. What term refers to the argument for education that parents will not do best for their children?
4. According to Friedman, what is the Federal Reserve lacking?
5. Which of the following, for Friedman, is the most important factor for the Federal Reserve?
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