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

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

3. Friedman asserts that government restriction centralizes ______.
(a) Power.
(b) Wealth.
(c) Goods.
(d) Elitism.

4. Friedman believes that economic control can lead to infringements on ______.
(a) Liberties.
(b) Social welfare.
(c) International trade.
(d) Licensing requirements.

5. What does Friedman use as an example of a use of government where individuals cannot consume individual amounts?
(a) Education.
(b) Healthcare.
(c) National defense.
(d) Postal service.

Short Answer Questions

1. Who does Friedman state rejects the view that the government is the patron or master of the citizenry?

2. What term refers to the Federal Reserve's ability to produce more money than is deposited?

3. What is the basic problem of social life for Friedman?

4. Which of the following cannot be justified by Friedman for government interventions?

5. What does Friedman claim that governments abuse?

(see the answer key)

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