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This quiz consists of 5 multiple choice and 5 short answer questions through Chapter 4, International and Financial Trade Arrangements.

Multiple Choice Questions

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

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

3. Friedman's belief is that what cause would free trade substantially promote, both domestically and internationally?
(a) Political power.
(b) Freedom.
(c) Regulation.
(d) Currency exchange.

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

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

Short Answer Questions

1. What does Friedman claim that governments abuse?

2. Friedman states that government should be ______.

3. What does Friedman say can government not duplicate?

4. By Friedman's account, the market permits unanimity without ______.

5. What is the term for currency not being traded for any amount of another currency?

(see the answer key)

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