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

2. According to Friedman, what conflicts with one another for men?
(a) Absolute freedom.
(b) Religious beliefs.
(c) Economic interests.
(d) Political ideology.

3. Friedman uses the example of selling ______ to demonstrate a true global economy.
(a) Wheat.
(b) Corn.
(c) Rice.
(d) Oil.

4. What does Friedman say can government not duplicate?
(a) An international monitoring system.
(b) The power of local control.
(c) The creativity of the individual.
(d) The free market economic system.

5. Friedman's theory on government intervention is that government is needed to be what regarding disputes?
(a) Groundskeeper.
(b) Fan.
(c) Announcer.
(d) Umpire.

Short Answer Questions

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

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

3. According to Friedman, what is liberty's greatest enemy?

4. According to Friedman, the market enables wide diversity, meaning power can be located in ______.

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

(see the answer key)

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