The Creature from Jekyll Island: A Second Look at the Federal Reserve Quiz | Two 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 II. A Crash Course on Money, Chapters 9-10 The Secret Science; The Mandrake Mechanism.

Multiple Choice Questions

1. 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.

2. What happens when the Federal Reserve System prints new money?
(a) When the Federal Reserve System creates new money, it causes the stock market to rally.
(b) When the Federal Reserve System creates new money, it increases the value of the money already in the system.
(c) When the Federal Reserve System creates new money, it improves the overall economy.
(d) When the Federal Reserve System creates new money, it dilutes the value of the money already in the system.

3. Which European bank become the model for the Federal Reserve System?
(a) The Bank of Madrid became the model for the Federal Reserve System.
(b) First Banc of France became the model for the Federal Reserve System
(c) The Bank of England became the model for the Federal Reserve System.
(d) Bank One of Rome became the model for the Federal Reserve System.

4. What is the status of a loan that is "underwater?"
(a) When a home loan is underwater, the homeowner is forced into bankruptcy.
(b) When a home loan is underwater, the homeowner is forced into foreclosure by the lender.
(c) When a home loan is underwater, the homeowner must take out a second mortgage.
(d) When a home loan is underwater, the homeowner owns more on the home than it is worth on the market.

5. What is the true function of the FDIC?
(a) The FDIC is another way to pay off the debt of the taxpayer.
(b) The FDIC is another way to demonstrate the strength of the economy.
(c) The FDIC is another way to support the people who use banks.
(d) The FDIC is another way to pay off banking mistakes through the taxpayer.

Short Answer Questions

1. What resulted when paper money was not backed with gold or silver?

2. Why was platinum not used to back the monetary system?

3. What problems did the economy of the American Colonies incur?

4. Why did governments favor banks based on a fiat money system?

5. What happened to many homeowners when the housing market bubble burst?

(see the answer key)

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