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

2. What does Friedman claim that governments abuse?
(a) The power to determine taxes.
(b) The trust of the people.
(c) Commodity standards.
(d) Ability to issue stocks.

3. What does Friedman believe is one drawback of the Federal Reserve having so much power?
(a) The Federal Reserve has rules that are too strict to follow in order to make any real change.
(b) When the Federal Reserve makes mistakes, the whole country suffers.
(c) The Federal Reserve chairperson is elected and therefore subject to the whims of the public.
(d) When the Federal Reserve does well, only a few profit.

4. Which of the following cannot be justified by Friedman for government interventions?
(a) Free speech.
(b) Roads.
(c) Vouchers for education.
(d) Public parks.

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

Short Answer Questions

1. For Friedman, what is something that when privately owned can be used if the price is right?

2. For Friedman, where is the best place for power to be held?

3. In Friedman's analysis, what century is the historical exception to most men living in tyranny, servitude, and misery?

4. What does Friedman believe is an appropriate rate of increase for the Federal Reserve?

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

(see the answer key)

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