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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. A major point for Friedman is that politics and economics are not ______.
(a) Autonomous.
(b) Together.
(c) United.
(d) Separate.

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

3. Which of the following cannot be justified by Friedman for government interventions?
(a) Public parks.
(b) Free speech.
(c) Vouchers for education.
(d) Roads.

4. Friedman's theory on government intervention is that government is needed to be what regarding disputes?
(a) Fan.
(b) Umpire.
(c) Announcer.
(d) Groundskeeper.

5. According to Friedman, the market enables wide diversity, meaning power can be located in ______.
(a) Small pockets of individual actors.
(b) The hands of a few.
(c) The hands of many.
(d) Large pockets with limited interests.

Short Answer Questions

1. In Chapter 3, what does Friedman provide a history of?

2. Friedman asserts that the Federal Reserve created the major contractions of the following years except______.

3. What does Friedman believe is one drawback of the Federal Reserve having so much power?

4. What major event does Friedman strongly believe was a result of the government mishandling the money supply?

5. According to Friedman, what is liberty's greatest enemy?

(see the answer key)

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