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

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

3. What is the basic problem of social life for Friedman?
(a) How to coordinate the economic activities of large numbers of individuals.
(b) How to provide for entertainment opportunities.
(c) How to distribute wealth equitably.
(d) How to tax and provide responsively for the people.

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

5. According to Friedman, what is lost when foreign exchange is controlled by the government?
(a) Educational freedom.
(b) Political freedom.
(c) Religious freedom.
(d) Economic freedom.

Short Answer Questions

1. Friedman's belief is that what cause would free trade substantially promote, both domestically and internationally?

2. In Friedman's opinion, what should individuals be allowed to do?

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

4. Past and current definitions of liberalism are the same with respect to ______.

5. According to Friedman, the market enables wide diversity, meaning power can be located in ______.

(see the answer key)

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