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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 something that when privately owned can be used if the price is right?
(a) Taxes.
(b) Media.
(c) Educational systems.
(d) Political campaigns.

2. What does Friedman say can government not duplicate?
(a) An international monitoring system.
(b) The free market economic system.
(c) The power of local control.
(d) The creativity of the individual.

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

4. Friedman asserts that government is needed for the ______.
(a) "Rules of the road."
(b) "Rules of the system."
(c) "Rules of the game."
(d) "Rules of the citizens."

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

Short Answer Questions

1. According to Friedman, what is the Federal Reserve lacking?

2. Which of the following does Friedman dispute?

3. Which of the following can be justified by Friedman for government interventions?

4. What does Friedman claim that governments abuse?

5. In Friedman's analysis, what century is the historical exception to most men living in tyranny, servitude, and misery?

(see the answer key)

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