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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) Players of the game.
(b) Finishers of the game.
(c) Rulers of the game.
(d) Leaders of the game.

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

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

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

5. What does Friedman believe needs protection in order for the freedom of the market to arise?
(a) Citizens.
(b) Government.
(c) Religion.
(d) Contracts.

Short Answer Questions

1. How are decisions, for Friedman, made where unanimity is a costly way of making decisions?

2. Friedman hypothesizes that the change from free market societies to economic controlled ones led classical liberals to worry that it would ______ political freedom.

3. Friedman believes that government that has the power to do good, also has the power to do ______.

4. Friedman points out one idea that is often forgotten is that political and economic institutions have been ______.

5. What term refers to the Federal Reserve's ability to produce more money than is deposited?

(see the answer key)

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