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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 does Friedman believe coordinates individuals over vast distances and across all belief systems?
(a) The educational system.
(b) The geographic system.
(c) The price system.
(d) The electoral system.

2. Past and current definitions of liberalism are the same with respect to ______.
(a) Paternalism and individualism.
(b) Distribution of wealth and the welfare state.
(c) Civil freedoms and democracy.
(d) Free markets and the rule of law.

3. What major event does Friedman strongly believe was a result of the government mishandling the money supply?
(a) Prohibition.
(b) The Great Depression.
(c) World War I.
(d) None of the answers is correct.

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

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

Short Answer Questions

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

2. Friedman uses the example of selling ______ to demonstrate a true global economy.

3. In Friedman's opinion, what should individuals be allowed to do?

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

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

(see the answer key)

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