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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. What is one example of a negative externality?
(a) Welfare.
(b) Private education.
(c) Pollution.
(d) Lack of voting.

2. Who does Friedman state rejects the view that the government is the patron or master of the citizenry?
(a) The rich man.
(b) The free man.
(c) The educated man.
(d) The poor man.

3. Friedman believes that economic control can lead to infringements on ______.
(a) Social welfare.
(b) Liberties.
(c) International trade.
(d) Licensing requirements.

4. According to Friedman, what is liberty's greatest enemy?
(a) Elected leaders.
(b) The educational system.
(c) The Federal government.
(d) Concentration of power.

5. In Friedman's opinion, what should individuals be allowed to do?
(a) Pursue their own ends.
(b) Print their own money.
(c) Choose their own religion.
(d) Elect their own leaders.

Short Answer Questions

1. Besides enforcing contracts, what one other thing does Friedman say government should do?

2. Which of the following cannot be justified by Friedman for government interventions?

3. Friedman states that government should be ______.

4. A major point for Friedman is that politics and economics are not ______.

5. Past and current definitions of liberalism are the same with respect to ______.

(see the answer key)

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