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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. Friedman's theory on government intervention is that government is needed to be what regarding disputes?
(a) Fan.
(b) Groundskeeper.
(c) Umpire.
(d) Announcer.

2. For Friedman, what is something that when privately owned can be used if the price is right?
(a) Political campaigns.
(b) Media.
(c) Educational systems.
(d) Taxes.

3. How are decisions, for Friedman, made where unanimity is a costly way of making decisions?
(a) Executive decision.
(b) A system of checks and balances.
(c) Majority rule.
(d) Decisions by committee.

4. What does Friedman assert is an example of an appropriate task for government?
(a) Providing for the social welfare.
(b) Determining price.
(c) Regulating the job market.
(d) Defining property rights.

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

Short Answer Questions

1. What is the basic problem of social life for Friedman?

2. Friedman states that government should be ______.

3. What does Friedman say can government not duplicate?

4. What does Friedman believe needs protection in order for the freedom of the market to arise?

5. According to Friedman, what is liberty's greatest enemy?

(see the answer key)

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