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

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

3. According to Friedman, which of the following is the least bad?
(a) Public monopoly.
(b) Public regulation.
(c) Private regulation.
(d) Private monopoly.

4. According to Friedman, the market enables wide diversity, meaning power can be located in ______.
(a) Small pockets of individual actors.
(b) The hands of a few.
(c) The hands of many.
(d) Large pockets with limited interests.

5. In Friedman's opinion, what should individuals be allowed to do?
(a) Print their own money.
(b) Elect their own leaders.
(c) Pursue their own ends.
(d) Choose their own religion.

Short Answer Questions

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

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

3. Which of the following cannot be justified by Friedman for government interventions?

4. Friedman asserts that current liberalism is tied to the state management of ______.

5. What does Friedman claim that governments abuse?

(see the answer key)

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