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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 gold standard.
(b) The World Bank.
(c) Monetary stocks.
(d) Exchange rates.

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

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

4. By Friedman's account, the market permits unanimity without ______.
(a) Conformity.
(b) Solitude.
(c) Freedom.
(d) Resentment.

5. How are decisions, for Friedman, made where unanimity is a costly way of making decisions?
(a) Executive decision.
(b) Decisions by committee.
(c) Majority rule.
(d) A system of checks and balances.

Short Answer Questions

1. In the market described by Friedman, exchanges between households are ______.

2. What does Friedman use as an example of a use of government where individuals cannot consume individual amounts?

3. A common misunderstanding of economic freedom, according to Friedman, is that it emphasizes ______.

4. A major point for Friedman is that politics and economics are not ______.

5. Friedman advocates that individuals should be able to buy and sell ______.

(see the answer key)

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