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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 caused all the major nations to abandon the gold standard?
(a) World War II.
(b) World War I.
(c) Decline in the value of gold.
(d) The Great Depression.

2. By Friedman's account, the market permits unanimity without ______.
(a) Solitude.
(b) Freedom.
(c) Resentment.
(d) Conformity.

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

4. Friedman asserts that current liberalism is tied to the state management of ______.
(a) The economy.
(b) The electoral vote.
(c) The educational system.
(d) Social welfare.

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

Short Answer Questions

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

2. Friedman asserts that government restriction centralizes ______.

3. Which of the following does Friedman dispute?

4. What does Friedman believe coordinates individuals over vast distances and across all belief systems?

5. What does Friedman believe is an appropriate rate of increase for the Federal Reserve?

(see the answer key)

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