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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. In Chapter 3, what does Friedman provide a history of?
(a) World War I.
(b) American monetary policy.
(c) British colonialism.
(d) The Federal Reserve System.

2. Friedman advocates that individuals should be able to buy and sell ______.
(a) Stocks.
(b) Foreign currency.
(c) Silver.
(d) Gold.

3. Instead of government spending, what does Friedman advocate the government use to stabilize the economy?
(a) Taxes.
(b) Unemployment.
(c) Welfare.
(d) Health care.

4. In Friedman's time, what was illegal to buy or sell?
(a) Silver.
(b) Ethanol.
(c) Alcohol.
(d) Gold.

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

Short Answer Questions

1. For Friedman, where is the best place for power to be held?

2. Friedman asserts that government restriction centralizes ______.

3. Friedman advocates the end of ______.

4. According to Friedman, whom does free trade benefit?

5. A key component of the government spending is the ______.

(see the answer key)

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