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This quiz consists of 5 multiple choice and 5 short answer questions through Chapter 5, Fiscal Policy.

Multiple Choice Questions

1. One question Friedman asks is how we can stop government from destroying ______.
(a) Entertainment.
(b) Freedom.
(c) Citizens.
(d) Taxes.

2. In the market described by Friedman, exchanges between households are ______.
(a) Voluntary.
(b) Unwilling.
(c) Coerced.
(d) Obligatory.

3. What does Friedman prefer when it comes to exchange rates?
(a) Floating exchange rates.
(b) Hovering exchange rates.
(c) Rising exchange rates?
(d) Sinking exchange rates.

4. Friedman states that government should be ______.
(a) Limited.
(b) Held accountable.
(c) Expanded.
(d) Destroyed.

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

Short Answer Questions

1. Who does Friedman state rejects the view that the government is the patron or master of the citizenry?

2. According to Friedman, what is the Federal Reserve lacking?

3. Friedman argues against the theory that $100 in government spending will increase income by ______.

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

5. For Friedman, what is an all-embracing ethic?

(see the answer key)

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