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

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 I. What Creature Is This? Chapter 3 Protectors of the Public.

Multiple Choice Questions

1. Since its inception in 1910, the Federal Reserve had made what decisions about bank bailouts?
(a) Since its inception in 1910, the Federal Reserve had decided that large banks would be the only banks to get bailouts.
(b) Since its inception in 1910, the Federal Reserve had decided that medium-sized banks would get the majority of bailouts.
(c) Since its inception in 1910, the Federal Reserve had decided that large banks would get bailouts only if they could prove they had complied with all regulations.
(d) Since its inception in 1910, the Federal Reserve had decided that large banks would get bailouts, medium-sized banks would get some bailouts, and small banks would be left to fail or be acquired by larger banks.

2. How did the Federal Reserve System accomplish the nationalization of banks?
(a) The politics of the Federal Reserve System became new and inventive ways to justify the nationalization of banks through the use of bailouts.
(b) The politics of the Federal Reserve System became new and inventive ways to justify the nationalization of banks through the use of risky loans.
(c) The politics of the Federal Reserve System became new and inventive ways to justify the nationalization of banks through the use of new legislation.
(d) The politics of the Federal Reserve System became new and inventive ways to justify the nationalization of banks through the use of short-term loans.

3. What is the main transport of both Amtrak and Conrail?
(a) Amtrak had been the passenger side of Penn Central, while Conrail had been the freight side.
(b) Amtrak is the main carrier for government cargo and Conrail is available to the general public.
(c) Amtrak had been the freight side of Penn Central, while Conrail had been the passenger side.
(d) Amtrak operates as a commuter train while Conrail operates as a long-distance carrier.

4. What caused the economy to get into such a state that the government was compelled to bail out banks?
(a) The International Monetary Fund had become dangerously unstable.
(b) The American people were taking out too many home loans.
(c) The US Congress failed to pass legislation that would have boosted the economy.
(d) The argument could be made that lax lending practices and overly speculative investments had forced the government to use tax dollars in the bailouts.

5. How did unemployment impact the economic problems?
(a) High unemployment compounded this problem, forcing people into foreclosures and drying up the housing market.
(b) High employment distracted people from looking for homes.
(c) High employment made more homes available for sale.
(d) The Federal government was distracted from economic problems and focused their attention on the unemployed.

Short Answer Questions

1. Who does the Federal Reserve depend on to bail out the country in times of economic collapse?

2. What happened when a debtor defaulted on a loan?

3. Why did banks ask for interest-only payments?

4. What type of person was Paul Moritz Warburg?

5. This conspiracy theory about the Federal Reserve pointed the finger at the meeting on Jekyll Island that occurred in 1910.

(see the answer key)

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