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This quiz consists of 5 multiple choice and 5 short answer questions through Chapter 4, International and Financial Trade Arrangements.

Multiple Choice Questions

1. One role of government argued by the New Deal was to ______.
(a) Provide subsidies for the poor.
(b) Eliminate excessive alcohol drinking.
(c) Regulate military spending.
(d) Even out economic cycles.

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

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

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

5. Friedman's theory is that monetary exchange rates will allow trades across countries to ______ in accord with those rates.
(a) Decrease.
(b) Stagnate.
(c) Equilibrate.
(d) Increase.

Short Answer Questions

1. According to Friedman, which of the following is the least bad?

2. Friedman states that government should be ______.

3. Friedman's belief is that what cause would free trade substantially promote, both domestically and internationally?

4. In Friedman's eyes, individual activities correspond to game players as the framework of law corresponds to______.

5. Friedman asserts that current liberalism is tied to the state management of ______.

(see the answer key)

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