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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. For Friedman, what is an all-embracing ethic?
(a) Religion.
(b) Freedom.
(c) Education.
(d) Government.

2. A major point for Friedman is that politics and economics are not ______.
(a) Autonomous.
(b) Together.
(c) United.
(d) Separate.

3. What does Friedman use as an example of a use of government where individuals cannot consume individual amounts?
(a) Education.
(b) National defense.
(c) Healthcare.
(d) Postal service.

4. Originally, liberalism fought for freedom of thought, free-markets, free trade, constitutionalism, representative government, and ______.
(a) The rule of law.
(b) A welfare state.
(c) Rights of the poor.
(d) Fair trade.

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

Short Answer Questions

1. Friedman states that government should be ______.

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

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

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

5. Friedman defines a country as a collection of ______.

(see the answer key)

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