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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. For Friedman, what is something that when privately owned can be used if the price is right?
(a) Taxes.
(b) Political campaigns.
(c) Educational systems.
(d) Media.

2. According to Friedman, what is lost when foreign exchange is controlled by the government?
(a) Religious freedom.
(b) Educational freedom.
(c) Political freedom.
(d) Economic freedom.

3. What does Friedman prefer when it comes to exchange rates?
(a) Floating exchange rates.
(b) Rising exchange rates?
(c) Sinking exchange rates.
(d) Hovering exchange rates.

4. Friedman believes that free markets are not sufficient for political freedom since many countries demonstrate the possibility of ______.
(a) Dictatorial government.
(b) Authoritarian capitalism.
(c) Laissez-faire markets.
(d) Economic freedom.

5. According to Friedman, what is the Federal Reserve lacking?
(a) A Declaration of Independence of sorts.
(b) A Constitution of sorts.
(c) A Magna Carta of sorts.
(d) A Rosetta Stone of sorts.

Short Answer Questions

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

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

3. What example does Friedman use to demonstrate his views on employment practices?

4. Where does Friedman live?

5. Friedman's belief is that what cause would free trade substantially promote, both domestically and internationally?

(see the answer key)

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