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This quiz consists of 5 multiple choice and 5 short answer questions through Chapter 7, Capitalism and Discrimination.

Multiple Choice Questions

1. Friedman asserts that the Federal Reserve created the major contractions of the following years except______.
(a) 1920-21.
(b) 1937-38.
(c) 1929-33.
(d) 1926-27.

2. What does Friedman claim that governments abuse?
(a) The power to determine taxes.
(b) The trust of the people.
(c) Commodity standards.
(d) Ability to issue stocks.

3. According to Friedman, it can be argued that private schools ______ class distinctions, and therefore need government intervention.
(a) Increase.
(b) Maintain.
(c) Exacerbate.
(d) Diminish.

4. What is the term for currency not being traded for any amount of another currency?
(a) Irreversible.
(b) Inconvertible.
(c) Unconvertible.
(d) None of the answers is correct.

5. According to Friedman, what cannot exist without a literate and informed population?
(a) A progressive political system.
(b) Democratic societies.
(c) First world countries.
(d) A well-armed militia.

Short Answer Questions

1. Friedman believes that free markets are not sufficient for political freedom since many countries demonstrate the possibility of ______.

2. For Friedman, what is something that when privately owned can be used if the price is right?

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

4. What has capitalism done for discrimination according to Friedman?

5. What is the name of the system with the purpose of regulating monetary policy between leading countries?

(see the answer key)

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