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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. In Friedman's eyes, individual activities correspond to game players as the framework of law corresponds to______.
(a) Leaders of the game.
(b) Rulers of the game.
(c) Finishers of the game.
(d) Players of the game.

2. A common misunderstanding of economic freedom, according to Friedman, is that it emphasizes ______.
(a) Prosperity.
(b) Socialism.
(c) Materialism.
(d) Wealth.

3. Which of the following can be justified by Friedman for government interventions?
(a) The draft.
(b) Property rights.
(c) Subsidizing farm production.
(d) Minimum wage.

4. Friedman uses the example of selling ______ to demonstrate a true global economy.
(a) Corn.
(b) Wheat.
(c) Oil.
(d) Rice.

5. In Friedman's analysis, what century is the historical exception to most men living in tyranny, servitude, and misery?
(a) 18th.
(b) 19th.
(c) 17th.
(d) 20th.

Short Answer Questions

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

2. According to Friedman, what conflicts with one another for men?

3. What does Friedman believe is an appropriate rate of increase for the Federal Reserve?

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

5. What does Friedman assert is an example of an appropriate task for government?

(see the answer key)

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