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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. For Friedman, what is something that when privately owned can be used if the price is right?
(a) Media.
(b) Political campaigns.
(c) Taxes.
(d) Educational systems.

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

3. In Friedman's opinion, what should individuals be allowed to do?
(a) Pursue their own ends.
(b) Elect their own leaders.
(c) Choose their own religion.
(d) Print their own money.

4. What term refers to the Federal Reserve's ability to produce more money than is deposited?
(a) Reserve ability production.
(b) Fractional reserve banking.
(c) Overdraft protection.
(d) Percent fulfillment banking.

5. Who does Friedman state rejects the view that the government is the patron or master of the citizenry?
(a) The poor man.
(b) The educated man.
(c) The rich man.
(d) The free man.

Short Answer Questions

1. What does Friedman believe coordinates individuals over vast distances and across all belief systems?

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

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

4. What caused all the major nations to abandon the gold standard?

5. What is the term for currency not being traded for any amount of another currency?

(see the answer key)

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