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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. According to Friedman, which of the following is the least bad?
(a) Private regulation.
(b) Public monopoly.
(c) Public regulation.
(d) Private monopoly.

2. One argument for government spending that Friedman refutes is that it will reduce what?
(a) Crime.
(b) Competition.
(c) Unemployment.
(d) Fraud.

3. Friedman believes that government that has the power to do good, also has the power to do ______.
(a) Right.
(b) Wrong.
(c) Nothing.
(d) Bad.

4. Friedman defines a country as a collection of ______.
(a) Individuals.
(b) Citizens.
(c) Leaders.
(d) Ideals.

5. What is one way Friedman believes some people criticize markets?
(a) It hurts those in power.
(b) It gives people what they want.
(c) It limits people's choices.
(d) It inequitably distributes wealth.

Short Answer Questions

1. Instead of government spending, what does Friedman advocate the government use to stabilize the economy?

2. Which of the following does Friedman dispute?

3. Friedman's belief is that what cause would free trade substantially promote, both domestically and internationally?

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

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

(see the answer key)

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