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. What caused all the major nations to abandon the gold standard?
(a) The Great Depression.
(b) Decline in the value of gold.
(c) World War I.
(d) World War II.

2. What is the basic problem of social life for Friedman?
(a) How to provide for entertainment opportunities.
(b) How to coordinate the economic activities of large numbers of individuals.
(c) How to distribute wealth equitably.
(d) How to tax and provide responsively for the people.

3. Friedman's belief is that what cause would free trade substantially promote, both domestically and internationally?
(a) Freedom.
(b) Political power.
(c) Regulation.
(d) Currency exchange.

4. According to Friedman, what is lost when foreign exchange is controlled by the government?
(a) Political freedom.
(b) Religious freedom.
(c) Educational freedom.
(d) Economic freedom.

5. Friedman asserts that government is needed for the ______.
(a) "Rules of the citizens."
(b) "Rules of the road."
(c) "Rules of the system."
(d) "Rules of the game."

Short Answer Questions

1. Friedman believes that government that has the power to do good, also has the power to do ______.

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

3. What major event does Friedman strongly believe was a result of the government mishandling the money supply?

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

5. In the market described by Friedman, exchanges between households are ______.

(see the answer key)

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