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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. Originally, liberalism fought for freedom of thought, free-markets, free trade, constitutionalism, representative government, and ______.
(a) Rights of the poor.
(b) The rule of law.
(c) Fair trade.
(d) A welfare state.

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

3. According to Friedman, which of the following is the least bad?
(a) Private monopoly.
(b) Public regulation.
(c) Private regulation.
(d) Public monopoly.

4. Besides enforcing contracts, what one other thing does Friedman say government should do?
(a) Regulate commerce.
(b) Secure a country's borders.
(c) Provide for public transportation.
(d) Protect against external threats.

5. In Friedman's opinion, what will check government power?
(a) A free market.
(b) A strong judicial system.
(c) The people.
(d) A tripartite government.

Short Answer Questions

1. Friedman asserts that government is needed for the ______.

2. Friedman states that government should be ______.

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

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

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

(see the answer key)

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