Test on Milton Friedman: Life and Economic Theories
Milton Friedman: Life and Economic Theories Summary for Students
Test: Milton Friedman and Monetarism
20 questions
Question 1: Milton Friedman's helicopter metaphor illustrates the policy of central banks printing more money without the value of this money being sustained by wealth creation in the economy.
A. Ano
B. Ne
Explanation: The study materials explain that 'the helicopter is nothing but the metaphor that I use fridman to use the policy they practice some central banks to try to tackling the problems of economies when they decide to print more money without that the value of this is sustained by wealth creation in the economy.'
Question 2: Milton Friedman's most important economic works include 'The General Theory of Employment, Interest and Money'.
A. Ano
B. Ne
Explanation: The study materials list Friedman's most important works as 'price theory', 'a program of monetary stability and banking reform', 'capitalism and currency freedom', and 'developing training and career'. 'The General Theory of Employment, Interest and Money' is not mentioned as one of his works.
Question 3: Milton Friedman was awarded the Nobel Prize in economics in 1975.
A. Ano
B. Ne
Explanation: Milton Friedman was awarded the Nobel Prize in economics in 1976.
Question 4: Milton Friedman is considered one of the most influential economists of the 20th century alongside John Maynard Keynes and Friedrich von Hayek.
A. Ano
B. Ne
Explanation: The study materials explicitly state that "with john maynard keynes and von hayek fridman is considered one of the most influential economists of the 20th century".
Question 5: Milton Friedman's inflation-alcoholism analogy explains that when a cure is applied by stopping excessive money printing, the good effects are felt immediately.
A. Ano
B. Ne
Explanation: Milton Friedman's analogy states that when the cure (stopping printing money) is applied, the bad effects come first and the good effects come later.