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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 is the name of the system with the purpose of regulating monetary policy between leading countries?
(a) The Gold Standard System.
(b) The Bretton Woods System.
(c) The International Monetary System.
(d) The World Bank System.

2. In Friedman's time, what was illegal to buy or sell?
(a) Ethanol.
(b) Silver.
(c) Alcohol.
(d) Gold.

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

4. Friedman advocates the end of ______.
(a) Exchange rates.
(b) The free market.
(c) Export quotas.
(d) Capitalism.

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

Short Answer Questions

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

2. Friedman believes that government that has the power to do good, also has the power to do ______.

3. What does Friedman say can government not duplicate?

4. Who does Friedman think should set exchange rates?

5. What does Friedman believe needs protection in order for the freedom of the market to arise?

(see the answer key)

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