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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. What major event does Friedman strongly believe was a result of the government mishandling the money supply?
(a) Prohibition.
(b) The Great Depression.
(c) World War I.
(d) None of the answers is correct.

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

3. In Friedman's eyes, individual activities correspond to game players as the framework of law corresponds to______.
(a) Finishers of the game.
(b) Rulers of the game.
(c) Players of the game.
(d) Leaders of the game.

4. According to Friedman, which of the following is the least bad?
(a) Private monopoly.
(b) Private regulation.
(c) Public regulation.
(d) Public monopoly.

5. According to Friedman, what is the Federal Reserve lacking?
(a) A Rosetta Stone of sorts.
(b) A Magna Carta of sorts.
(c) A Declaration of Independence of sorts.
(d) A Constitution of sorts.

Short Answer Questions

1. Friedman believes that economic control can lead to infringements on ______.

2. In Chapter 3, what does Friedman provide a history of?

3. Friedman hypothesizes that the change from free market societies to economic controlled ones led classical liberals to worry that it would ______ political freedom.

4. Who does Friedman state rejects the view that the government is the patron or master of the citizenry?

5. In Friedman's mind, why is centralization attractive to many?

(see the answer key)

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