Capitalism and Freedom Quiz | Eight Week Quiz D

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This quiz consists of 5 multiple choice and 5 short answer questions through Chapter 5, Fiscal Policy.

Multiple Choice Questions

1. The original balancing thought is based on whose economic philosophy?
(a) Marx.
(b) Krugman.
(c) Keynes.
(d) Smith.

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

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

4. Which term refers to the government stimulating spending?
(a) "Charge the battery."
(b) "Prime the pump."
(c) "Rev the engine."
(d) "Grease the skids."

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

Short Answer Questions

1. Friedman asserts that government is needed for the ______.

2. One role of government argued by the New Deal was to ______.

3. What does Friedman claim that governments abuse?

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

5. In Friedman's eyes, individual activities correspond to game players as the framework of law corresponds to______.

(see the answer key)

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