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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. Friedman asserts that government is needed for the ______.
(a) "Rules of the system."
(b) "Rules of the citizens."
(c) "Rules of the game."
(d) "Rules of the road."

2. What does Friedman believe is one drawback of the Federal Reserve having so much power?
(a) When the Federal Reserve does well, only a few profit.
(b) The Federal Reserve chairperson is elected and therefore subject to the whims of the public.
(c) The Federal Reserve has rules that are too strict to follow in order to make any real change.
(d) When the Federal Reserve makes mistakes, the whole country suffers.

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

4. One question Friedman asks is how we can stop government from destroying ______.
(a) Freedom.
(b) Entertainment.
(c) Citizens.
(d) Taxes.

5. According to Friedman, what is the Federal Reserve lacking?
(a) A Constitution of sorts.
(b) A Declaration of Independence of sorts.
(c) A Magna Carta of sorts.
(d) A Rosetta Stone of sorts.

Short Answer Questions

1. Which of the following does Friedman dispute?

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

3. In Friedman's time, what was illegal to buy or sell?

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

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

(see the answer key)

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