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This quiz consists of 5 multiple choice and 5 short answer questions through Chapter 7, Capitalism and Discrimination.

Multiple Choice Questions

1. What does FEPC stand for?
(a) Fixing Economic Policy for Capitalism.
(b) Future Exercises for Preventing Catastrophes.
(c) Fair Employment Practice Commission.
(d) Finding Education and People Cooperatively.

2. Which of the following does Friedman dispute?
(a) Government should stay out of individual economic choices.
(b) A free market economic system works.
(c) The gold standard for backing money is good.
(d) The Central Bank holds too much power.

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

4. Friedman suggests that employees may prefer to have part of their remuneration take the form of amenities such as what?
(a) Baseball fields.
(b) Parking spaces.
(c) Housing allowance.
(d) Libraries.

5. Friedman believes that free markets are not sufficient for political freedom since many countries demonstrate the possibility of ______.
(a) Laissez-faire markets.
(b) Dictatorial government.
(c) Authoritarian capitalism.
(d) Economic freedom.

Short Answer Questions

1. Friedman uses the example of selling ______ to demonstrate a true global economy.

2. Which group does Friedman believe to be contradictory in their views on free speech and fair employment laws?

3. What major event does Friedman strongly believe was a result of the government mishandling the money supply?

4. Who does Friedman think should set exchange rates?

5. One role of government argued by the New Deal was to ______.

(see the answer key)

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