Capitalism and Freedom Quiz | Four Week Quiz A

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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. Friedman believes that economic control can lead to infringements on ______.
(a) Social welfare.
(b) Licensing requirements.
(c) Liberties.
(d) International trade.

2. Originally, liberalism fought for freedom of thought, free-markets, free trade, constitutionalism, representative government, and ______.
(a) Rights of the poor.
(b) A welfare state.
(c) Fair trade.
(d) The rule of law.

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) Bolster.
(b) Weaken.
(c) Undermine.
(d) Strengthen.

4. One role of government argued by the New Deal was to ______.
(a) Eliminate excessive alcohol drinking.
(b) Provide subsidies for the poor.
(c) Regulate military spending.
(d) Even out economic cycles.

5. According to Friedman, what is a necessary condition for political freedom?
(a) Fair trade.
(b) Governmental regulation.
(c) A high gross domestic product.
(d) Competitive capitalism.

Short Answer Questions

1. Which of the following cannot be justified by Friedman for government interventions?

2. Besides enforcing contracts, what one other thing does Friedman say government should do?

3. What does Friedman believe coordinates individuals over vast distances and across all belief systems?

4. What caused all the major nations to abandon the gold standard?

5. What term refers to the Federal Reserve's ability to produce more money than is deposited?

(see the answer key)

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