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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. What does Friedman believe will become self-regulating?
(a) The World Bank.
(b) Monetary stocks.
(c) Exchange rates.
(d) The gold standard.

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

3. Friedman believes that economic control can lead to infringements on ______.
(a) Social welfare.
(b) Licensing requirements.
(c) Liberties.
(d) International trade.

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

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

Short Answer Questions

1. In Friedman's mind, why is centralization attractive to many?

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

3. How are decisions, for Friedman, made where unanimity is a costly way of making decisions?

4. Friedman states that government should be ______.

5. One question Friedman asks is how we can stop government from destroying ______.

(see the answer key)

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