Capitalism and Freedom Quiz | Eight Week Quiz C

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This quiz consists of 5 multiple choice and 5 short answer questions through Chapter 4, International and Financial Trade Arrangements.

Multiple Choice Questions

1. Friedman defines a country as a collection of ______.
(a) Citizens.
(b) Individuals.
(c) Ideals.
(d) Leaders.

2. According to Friedman, what is liberty's greatest enemy?
(a) The Federal government.
(b) Elected leaders.
(c) Concentration of power.
(d) The educational system.

3. What does Friedman believe will markets do over time to monopolies?
(a) Break them up.
(b) Strengthen them.
(c) Separate them slowly.
(d) Make them obsolete.

4. What is one example of a negative externality?
(a) Welfare.
(b) Lack of voting.
(c) Private education.
(d) Pollution.

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

Short Answer Questions

1. Past and current definitions of liberalism are the same with respect to ______.

2. What does Friedman believe will become self-regulating?

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

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

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

(see the answer key)

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