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

2. What does Friedman believe is an appropriate rate of increase for the Federal Reserve?
(a) 3%-5%.
(b) 5%-7%.
(c) 1%-3%.
(d) None. That is not a goal of the Federal Reserve.

3. One question Friedman asks is how we can stop government from destroying ______.
(a) Taxes.
(b) Freedom.
(c) Entertainment.
(d) Citizens.

4. Friedman hypothesizes that the change from free market societies to economic controlled ones led classical liberals to worry that it would ______ political freedom.
(a) Strengthen.
(b) Weaken.
(c) Bolster.
(d) Undermine.

5. Friedman asserts that the Federal Reserve created the major contractions of the following years except______.
(a) 1926-27.
(b) 1937-38.
(c) 1929-33.
(d) 1920-21.

Short Answer Questions

1. Friedman states that government should be ______.

2. In Friedman's mind, why is centralization attractive to many?

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

4. Past and current definitions of liberalism are the same with respect to ______.

5. Friedman's theory on government intervention is that government is needed to be what regarding disputes?

(see the answer key)

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