View a FREE sample

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

Multiple Choice Questions

1. In Friedman's mind, why is centralization attractive to many?
(a) Government can promote the public interest.
(b) Streamlined services.
(c) Consolidation of power.
(d) Better pool of resources.

2. Past and current definitions of liberalism are the same with respect to ______.
(a) Distribution of wealth and the welfare state.
(b) Paternalism and individualism.
(c) Civil freedoms and democracy.
(d) Free markets and the rule of law.

3. What does Friedman believe will markets do over time to monopolies?
(a) Separate them slowly.
(b) Make them obsolete.
(c) Break them up.
(d) Strengthen them.

4. What does Friedman believe is an appropriate rate of increase for the Federal Reserve?
(a) None. That is not a goal of the Federal Reserve.
(b) 5%-7%.
(c) 3%-5%.
(d) 1%-3%.

5. Which of the following can be justified by Friedman for government interventions?
(a) Minimum wage.
(b) Subsidizing farm production.
(c) The draft.
(d) Property rights.

Short Answer Questions

1. Friedman points out one idea that is often forgotten is that political and economic institutions have been ______.

2. According to Friedman, the market enables wide diversity, meaning power can be located in ______.

3. In Friedman's opinion, what should individuals be allowed to do?

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

5. Friedman advocates that government should not be a master, but a/an ______.

(see the answer key)

This section contains 244 words (approx. 1 page at 300 words per page) View a FREE sample