Capitalism and Freedom Quiz | Eight Week Quiz B

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

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

3. What does Friedman claim that governments abuse?
(a) Commodity standards.
(b) The power to determine taxes.
(c) Ability to issue stocks.
(d) The trust of the people.

4. In Friedman's mind, why is centralization attractive to many?
(a) Government can promote the public interest.
(b) Consolidation of power.
(c) Streamlined services.
(d) Better pool of resources.

5. In Friedman's analysis, what century is the historical exception to most men living in tyranny, servitude, and misery?
(a) 17th.
(b) 19th.
(c) 20th.
(d) 18th.

Short Answer Questions

1. What is one example of a negative externality?

2. Which of the following, for Friedman, is the most important factor for the Federal Reserve?

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

4. Friedman asserts that current liberalism is tied to the state management of ______.

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

(see the answer key)

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