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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. What does Friedman believe needs protection in order for the freedom of the market to arise?
(a) Contracts.
(b) Government.
(c) Religion.
(d) Citizens.

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

3. What does Friedman believe will markets do over time to monopolies?
(a) Separate them slowly.
(b) Make them obsolete.
(c) Break them up.
(d) Strengthen them.

4. Friedman states that government should be ______.
(a) Held accountable.
(b) Expanded.
(c) Limited.
(d) Destroyed.

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

Short Answer Questions

1. Friedman believes that economic control can lead to infringements on ______.

2. What does Friedman believe is one drawback of the Federal Reserve having so much power?

3. In the market described by Friedman, exchanges between households are ______.

4. Friedman asserts that the Federal Reserve created the major contractions of the following years except______.

5. For Friedman, what is an all-embracing ethic?

(see the answer key)

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