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This quiz consists of 5 multiple choice and 5 short answer questions through Chapter 3, The Control of Money.

Multiple Choice Questions

1. In Friedman's opinion, what should individuals be allowed to do?
(a) Pursue their own ends.
(b) Elect their own leaders.
(c) Choose their own religion.
(d) Print their own money.

2. What does Friedman believe coordinates individuals over vast distances and across all belief systems?
(a) The price system.
(b) The geographic system.
(c) The electoral system.
(d) The educational system.

3. Friedman hypothesizes that the change from free market societies to economic controlled ones led classical liberals to worry that it would ______ political freedom.
(a) Weaken.
(b) Undermine.
(c) Strengthen.
(d) Bolster.

4. By Friedman's account, the market permits unanimity without ______.
(a) Resentment.
(b) Solitude.
(c) Conformity.
(d) Freedom.

5. Which of the following cannot be justified by Friedman for government interventions?
(a) Roads.
(b) Public parks.
(c) Free speech.
(d) Vouchers for education.

Short Answer Questions

1. According to Friedman, what is liberty's greatest enemy?

2. What does Friedman assert is an example of an appropriate task for government?

3. What does Friedman believe is an appropriate rate of increase for the Federal Reserve?

4. Friedman points out one idea that is often forgotten is that political and economic institutions have been ______.

5. Originally, liberalism fought for freedom of thought, free-markets, free trade, constitutionalism, representative government, and ______.

(see the answer key)

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