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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. Friedman hypothesizes that the change from free market societies to economic controlled ones led classical liberals to worry that it would ______ political freedom.
(a) Bolster.
(b) Undermine.
(c) Weaken.
(d) Strengthen.

2. What is one example of a negative externality?
(a) Welfare.
(b) Lack of voting.
(c) Pollution.
(d) Private education.

3. Originally, liberalism fought for freedom of thought, free-markets, free trade, constitutionalism, representative government, and ______.
(a) The rule of law.
(b) Fair trade.
(c) A welfare state.
(d) Rights of the poor.

4. Friedman believes that economic control can lead to infringements on ______.
(a) Liberties.
(b) International trade.
(c) Licensing requirements.
(d) Social welfare.

5. Which term describes the purpose of federal spending?
(a) "Balance beam."
(b) "Seesaw."
(c) None of the answers is correct.
(d) "Balance wheel."

Short Answer Questions

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

2. Friedman advocates the end of ______.

3. Friedman points out one idea that is often forgotten is that political and economic institutions have been ______.

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

5. What does Friedman believe will markets do over time to monopolies?

(see the answer key)

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