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This quiz consists of 5 multiple choice and 5 short answer questions through Chapter 3, The Control of Money.

Multiple Choice Questions

1. What does Friedman believe coordinates individuals over vast distances and across all belief systems?
(a) The electoral system.
(b) The geographic system.
(c) The educational system.
(d) The price system.

2. Friedman states that government should be ______.
(a) Expanded.
(b) Held accountable.
(c) Limited.
(d) Destroyed.

3. Friedman states that government should be ______.
(a) Streamlined.
(b) Decentralized.
(c) Consolidated.
(d) Incorporated.

4. Which of the following, for Friedman, is the most important factor for the Federal Reserve?
(a) Loans and lending practices.
(b) Economic growth.
(c) Stability.
(d) Regulation of the market.

5. Friedman defines a country as a collection of ______.
(a) Leaders.
(b) Citizens.
(c) Individuals.
(d) Ideals.

Short Answer Questions

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

2. Friedman believes that government that has the power to do good, also has the power to do ______.

3. Past and current definitions of liberalism are the same with respect to ______.

4. Which of the following cannot be justified by Friedman for government interventions?

5. Friedman believes that economic control can lead to infringements on ______.

(see the answer key)

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