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

2. According to Friedman, what is one problem with government stimulus during a recession?
(a) More often than not, inflation skyrockets.
(b) The attempts often have a negative effect.
(c) The stimulus is generally too small to jump-start the economy.
(d) The measures do not take effect until after the recession.

3. Which of the following does Friedman dispute?
(a) The Central Bank holds too much power.
(b) Government should stay out of individual economic choices.
(c) A free market economic system works.
(d) The gold standard for backing money is good.

4. One argument for government spending that Friedman refutes is that it will reduce what?
(a) Crime.
(b) Competition.
(c) Unemployment.
(d) Fraud.

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

Short Answer Questions

1. Which of the following can be justified by Friedman for government interventions?

2. What is the basic problem of social life for Friedman?

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

4. Friedman advocates the end of ______.

5. For Friedman, where is the best place for power to be held?

(see the answer key)

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