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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 Friedman prefer when it comes to exchange rates?
(a) Rising exchange rates?
(b) Floating exchange rates.
(c) Sinking exchange rates.
(d) Hovering exchange rates.

2. Friedman points out one idea that is often forgotten is that political and economic institutions have been ______.
(a) Suppressed.
(b) Free.
(c) Unfree.
(d) Autonomic.

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

4. One solution Friedman proposes is to give parents ______ for schooling.
(a) Credits.
(b) Tokens.
(c) Coupons.
(d) Vouchers.

5. What example does Friedman use to demonstrate his views on employment practices?
(a) A baker.
(b) A grocer.
(c) A blacksmith.
(d) A lawyer.

Short Answer Questions

1. What is one way Friedman believes some people criticize markets?

2. In Chapter 3, what does Friedman provide a history of?

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

4. Friedman believes that free markets are not sufficient for political freedom since many countries demonstrate the possibility of ______.

5. A common misunderstanding of economic freedom, according to Friedman, is that it emphasizes ______.

(see the answer key)

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