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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 road."
(b) "Rules of the game."
(c) "Rules of the system."
(d) "Rules of the citizens."

2. According to Friedman, what is a necessary condition for political freedom?
(a) Governmental regulation.
(b) Fair trade.
(c) Competitive capitalism.
(d) A high gross domestic product.

3. In Friedman's opinion, what will check government power?
(a) The people.
(b) A tripartite government.
(c) A free market.
(d) A strong judicial system.

4. Friedman believes that free markets are not sufficient for political freedom since many countries demonstrate the possibility of ______.
(a) Laissez-faire markets.
(b) Authoritarian capitalism.
(c) Economic freedom.
(d) Dictatorial government.

5. What does Friedman claim that governments abuse?
(a) The trust of the people.
(b) Commodity standards.
(c) Ability to issue stocks.
(d) The power to determine taxes.

Short Answer Questions

1. Originally, liberalism fought for freedom of thought, free-markets, free trade, constitutionalism, representative government, and ______.

2. Which of the following, for Friedman, is the most important factor for the Federal Reserve?

3. A major point for Friedman is that politics and economics are not ______.

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

5. What does Friedman believe will markets do over time to monopolies?

(see the answer key)

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