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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. Friedman states that government should be ______.
(a) Incorporated.
(b) Decentralized.
(c) Consolidated.
(d) Streamlined.

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

3. Besides enforcing contracts, what one other thing does Friedman say government should do?
(a) Secure a country's borders.
(b) Regulate commerce.
(c) Provide for public transportation.
(d) Protect against external threats.

4. What does Friedman believe coordinates individuals over vast distances and across all belief systems?
(a) The price system.
(b) The geographic system.
(c) The electoral system.
(d) The educational system.

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

Short Answer Questions

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

2. Friedman advocates that government should not be a master, but a/an ______.

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

4. Friedman hypothesizes that the change from free market societies to economic controlled ones led classical liberals to worry that it would ______ political freedom.

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

(see the answer key)

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