View a FREE sample

This quiz consists of 5 multiple choice and 5 short answer questions through Chapter 3, The Control of Money.

Multiple Choice Questions

1. What major event does Friedman strongly believe was a result of the government mishandling the money supply?
(a) World War I.
(b) Prohibition.
(c) The Great Depression.
(d) None of the answers is correct.

2. Friedman advocates that government should not be a master, but a/an ______.
(a) Instrument.
(b) Mechanism.
(c) Slave.
(d) Philosophy.

3. Originally, liberalism fought for freedom of thought, free-markets, free trade, constitutionalism, representative government, and ______.
(a) Fair trade.
(b) A welfare state.
(c) Rights of the poor.
(d) The rule of law.

4. For Friedman, where is the best place for power to be held?
(a) In the economic system.
(b) In the local community.
(c) At the federal level.
(d) In the states.

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

Short Answer Questions

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

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

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

4. According to Friedman, what is the Federal Reserve lacking?

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

(see the answer key)

This section contains 274 words (approx. 1 page at 300 words per page) View a FREE sample