The Creature from Jekyll Island: A Second Look at the Federal Reserve Quiz | One Week Quiz A

G. Edward Griffin
This set of Lesson Plans consists of approximately 218 pages of tests, essay questions, lessons, and other teaching materials.
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This quiz consists of 5 multiple choice and 5 short answer questions through Section III. The New Alchemy, Chapters 13-15 Masquerade in Moscow; The Best Enemy Money Can Buy; The Lost Treasure Map.

Multiple Choice Questions

1. How many revolutions did Russia actually undergo?
(a) Russia went through three revolutions.
(b) Russia went through five revolutions.
(c) Russia went through two revolutions.
(d) Russia went through seven revolutions.

2. What was the main argument in favor of nationalizing banks?
(a) The fundamental argument in favor of the nationalization was that such bailouts would be allowed only once.
(b) The fundamental argument in favor of the nationalization was that a weak economy would recover more quickly.
(c) The fundamental argument in favor of the nationalization was that the system had to be purged of risk-taking bank executives.
(d) The fundamental argument in favor of the nationalization was that the system was so broken that it simply could not be regulated enough to work without eventually nationalizing all banking and industry.

3. How was the nationalization of banks justified?
(a) Nationalization was necessary for the banking industry.
(b) Nationalization was necessary for the IMF.
(c) Nationalization was necessary for the nation's standing in the world.
(d) Nationalization was necessary for the public good.

4. What resulted after the first electronic run on banks in 1983?
(a) The first electronic run on banks happened in 1983, leading to a massive bailout in the $6 billion range.
(b) The first electronic run on banks happened in 1983, leading to a hoarding of cash.
(c) The first electronic run on banks happened in 1983, leading to a collapse of the economy.
(d) The first electronic run on banks happened in 1983, leading to one trillion dollars being added to the deficit.

5. What occurred when coinage was weakened through lower percentages of precious metal or completing stripped of such backing?
(a) Stock market instability occurred when the coinage was debased through lower percentages of precious metal or none at all.
(b) Deflation resulted when the coinage was debased through lower percentages of precious metal or none at all.
(c) Paper money was seen to be the superior monetary system when the coinage was debased through lower percentages of precious metal or none at all.
(d) Inflation and political turmoil occurred when the coinage was debased through lower percentages of precious metal or none at all.

Short Answer Questions

1. What impact does deflation have on individuals who are repaying loans?

2. Why was the use of fiat money disallowed in the United States?

3. How did the government provide economic support to Lockheed Corporation in 1970?

4. What is the main transport of both Amtrak and Conrail?

5. In what year was First Pennsylvania Bank bailed out?

(see the answer key)

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