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

2. Friedman asserts that current liberalism is tied to the state management of ______.
(a) The educational system.
(b) The electoral vote.
(c) The economy.
(d) Social welfare.

3. What caused all the major nations to abandon the gold standard?
(a) Decline in the value of gold.
(b) The Great Depression.
(c) World War I.
(d) World War II.

4. A common misunderstanding of economic freedom, according to Friedman, is that it emphasizes ______.
(a) Materialism.
(b) Socialism.
(c) Wealth.
(d) Prosperity.

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

Short Answer Questions

1. According to Friedman, which of the following is the least bad?

2. In Friedman's eyes, individual activities correspond to game players as the framework of law corresponds to______.

3. Which of the following does Friedman dispute?

4. What does Friedman assert is an example of an appropriate task for government?

5. One role of government argued by the New Deal was to ______.

(see the answer key)

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