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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. How are decisions, for Friedman, made where unanimity is a costly way of making decisions?
(a) Executive decision.
(b) Decisions by committee.
(c) A system of checks and balances.
(d) Majority rule.

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

3. Friedman points out one idea that is often forgotten is that political and economic institutions have been ______.
(a) Suppressed.
(b) Free.
(c) Unfree.
(d) Autonomic.

4. Friedman believes that government that has the power to do good, also has the power to do ______.
(a) Wrong.
(b) Nothing.
(c) Bad.
(d) Right.

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

Short Answer Questions

1. Which of the following, for Friedman, is the most important factor for the Federal Reserve?

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

3. In Friedman's opinion, what should individuals be allowed to do?

4. What does Friedman believe needs protection in order for the freedom of the market to arise?

5. What is one way Friedman believes some people criticize markets?

(see the answer key)

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