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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. What is the term for laws that forbid membership in a union a requirement for employment?
(a) Right to work laws.
(b) Employment standards laws.
(c) Anti-union laws.
(d) Fair labor laws.

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

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

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

5. In Chapter 3, what does Friedman provide a history of?
(a) American monetary policy.
(b) The Federal Reserve System.
(c) World War I.
(d) British colonialism.

Short Answer Questions

1. Friedman believes that economic control can lead to infringements on ______.

2. According to Friedman, it can be argued that private schools ______ class distinctions, and therefore need government intervention.

3. Friedman uses the example of selling ______ to demonstrate a true global economy.

4. What two professions does Friedman compare to support his claim on the harm it does when people are unable to find mutually acceptable contracts?

5. Who does Friedman think should set exchange rates?

(see the answer key)

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