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

2. Which of the following, for Friedman, is the most important factor for the Federal Reserve?
(a) Economic growth.
(b) Loans and lending practices.
(c) Regulation of the market.
(d) Stability.

3. Who does Friedman state rejects the view that the government is the patron or master of the citizenry?
(a) The educated man.
(b) The rich man.
(c) The poor man.
(d) The free man.

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

5. Friedman states that government should be ______.
(a) Consolidated.
(b) Decentralized.
(c) Incorporated.
(d) Streamlined.

Short Answer Questions

1. What does Friedman believe will markets do over time to monopolies?

2. A major point for Friedman is that politics and economics are not ______.

3. According to Friedman, what conflicts with one another for men?

4. By Friedman's account, the market permits unanimity without ______.

5. In Friedman's eyes, individual activities correspond to game players as the framework of law corresponds to______.

(see the answer key)

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