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This test consists of 5 multiple choice questions, 5 short answer questions, and 10 short essay questions.

Multiple Choice Questions

1. In Friedman's analysis, what century is the historical exception to most men living in tyranny, servitude, and misery?
(a) 19th.
(b) 18th.
(c) 17th.
(d) 20th.

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

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

4. Friedman asserts that government restriction centralizes ______.
(a) Wealth.
(b) Power.
(c) Elitism.
(d) Goods.

5. One role of government argued by the New Deal was to ______.
(a) Regulate military spending.
(b) Provide subsidies for the poor.
(c) Eliminate excessive alcohol drinking.
(d) Even out economic cycles.

Short Answer Questions

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

2. By Friedman's account, the market permits unanimity without ______.

3. Friedman advocates the end of ______.

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

5. What does Friedman believe coordinates individuals over vast distances and across all belief systems?

Short Essay Questions

1. According to Friedman what is the role of government?

2. Explain how international currency rates have changed since 1900.

3. What is Friedman's recommendation to the Federal Reserve System?

4. What does Friedman believe to be the cause of the Great Depression?

5. What are Friedman's recommendations in order for stocks to become self-regulating?

6. Why does Friedman believe government power should be limited?

7. What is the modern day definition of liberalism?

8. Explain the externalities argument that Friedman describes for government involvement in education

9. What examples does Friedman give of appropriate roles of government in a free society?

10. What is fiscal policy?

(see the answer keys)

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