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. For Friedman, where is the best place for power to be held?
(a) In the states.
(b) In the economic system.
(c) In the local community.
(d) At the federal level.

2. What is the name of the system with the purpose of regulating monetary policy between leading countries?
(a) The International Monetary System.
(b) The Gold Standard System.
(c) The Bretton Woods System.
(d) The World Bank System.

3. What does Friedman assert is an example of an appropriate task for government?
(a) Regulating the job market.
(b) Determining price.
(c) Defining property rights.
(d) Providing for the social welfare.

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

5. Friedman advocates that government should not be a master, but a/an ______.
(a) Instrument.
(b) Philosophy.
(c) Slave.
(d) Mechanism.

Short Answer Questions

1. Who does Friedman think should set exchange rates?

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

3. What is the term for currency not being traded for any amount of another currency?

4. What does Friedman believe is one drawback of the Federal Reserve having so much power?

5. What does Friedman claim that governments abuse?

(see the answer key)

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