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This quiz consists of 5 multiple choice and 5 short answer questions through Chapter 3, The Control of Money.

Multiple Choice Questions

1. According to Friedman, the market enables wide diversity, meaning power can be located in ______.
(a) Large pockets with limited interests.
(b) The hands of many.
(c) Small pockets of individual actors.
(d) The hands of a few.

2. For Friedman, where is the best place for power to be held?
(a) In the economic system.
(b) At the federal level.
(c) In the states.
(d) In the local community.

3. Friedman asserts that government restriction centralizes ______.
(a) Goods.
(b) Wealth.
(c) Elitism.
(d) Power.

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

5. According to Friedman, what conflicts with one another for men?
(a) Economic interests.
(b) Absolute freedom.
(c) Political ideology.
(d) Religious beliefs.

Short Answer Questions

1. Friedman asserts that the Federal Reserve created the major contractions of the following years except______.

2. Friedman's theory on government intervention is that government is needed to be what regarding disputes?

3. According to Friedman, what is liberty's greatest enemy?

4. What major event does Friedman strongly believe was a result of the government mishandling the money supply?

5. What caused all the major nations to abandon the gold standard?

(see the answer key)

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