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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. In Friedman's opinion, what will check government power?
(a) A tripartite government.
(b) The people.
(c) A strong judicial system.
(d) A free market.

2. In Chapter 3, what does Friedman provide a history of?
(a) The Federal Reserve System.
(b) World War I.
(c) American monetary policy.
(d) British colonialism.

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

4. According to Friedman, whom does free trade benefit?
(a) The wealthier trading country.
(b) The poorer trading country.
(c) Both trading countries.
(d) Neither trading country.

5. Friedman advocates that government should not be a master, but a/an ______.
(a) Mechanism.
(b) Philosophy.
(c) Slave.
(d) Instrument.

Short Answer Questions

1. Friedman points out one idea that is often forgotten is that political and economic institutions have been ______.

2. What is the name of the system with the purpose of regulating monetary policy between leading countries?

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

4. Which of the following, for Friedman, is the most important factor for the Federal Reserve?

5. What does Friedman believe will markets do over time to monopolies?

(see the answer key)

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