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

2. What is the basic problem of social life for Friedman?
(a) How to distribute wealth equitably.
(b) How to provide for entertainment opportunities.
(c) How to coordinate the economic activities of large numbers of individuals.
(d) How to tax and provide responsively for the people.

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

4. What does Friedman believe will become self-regulating?
(a) The gold standard.
(b) Exchange rates.
(c) The World Bank.
(d) Monetary stocks.

5. Friedman would agree that racism is ______.
(a) Unavoidable.
(b) Curable.
(c) Expensive.
(d) Fixable with government intervention.

Short Answer Questions

1. In Friedman's analysis, what century is the historical exception to most men living in tyranny, servitude, and misery?

2. One solution Friedman proposes is to give parents ______ for schooling.

3. A major point for Friedman is that politics and economics are not ______.

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

5. Who does Friedman think should set exchange rates?

(see the answer key)

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