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. Why did banks ask for interest-only payments?
(a) The bank would arrange for interest payments only to keep the loan viable.
(b) The bank would arrange for interest payments only to take the burden off the customer.
(c) The bank would arrange for interest payments only so that their customers could keep a good credit rating>
(d) The bank would arrange for interest payments only to keep the profits coming in.

2. What do many people feel was the real reason behind the establishment of the Federal Reserve?
(a) Many feel that the real reason for creating the Federal Reserve was to keep rich people in power.
(b) Many feel that the real reason for creating the Federal Reserve was to keep the middle class from failing.
(c) Many feel that the real reason for creating the Federal Reserve was to keep poor people from turning to crime.
(d) Many feel that the real reason for creating the Federal Reserve was to keep the rich from becoming too powerful.

3. Who does the Federal Reserve depend on to bail out the country in times of economic collapse?
(a) The Federal Reserve turns to the taxpayer to bail out the country in times of economic collapse.
(b) The Federal Reserve turns to the foreign investors to bail out the country in times of economic collapse.
(c) The Federal Reserve turns to Congress to bail out the country in times of economic collapse.
(d) The Federal Reserve turns to the banks to bail out the country in times of economic collapse.

4. The banking system before the Federal Reserve System allowed banks to lend out what percentage of money against one percent in deposits.
(a) The banking system before the Federal Reserve System allowed banks to lend out more money than they held in deposits, up to ninety-nine percent loaned out with only one percent in deposits.
(b) The banking system before the Federal Reserve System allowed banks to lend out more money than they held in deposits, up to sixty percent loaned out with only one percent in deposits.
(c) The banking system before the Federal Reserve System allowed banks to lend out more money than they held in deposits, up to twenty percent loaned out with only one percent in deposits.
(d) The banking system before the Federal Reserve System allowed banks to lend out more money than they held in deposits, up to fithy percent loaned out with only one percent in deposits.

5. Many people feel that the economic system has been rigged to favor what group of people?
(a) People have realized, at least a little bit, that our economic system had been rigged somewhere in the past to favor the rich by stealing from the government revenues.
(b) People have realized, at least a little bit, that our economic system had been rigged somewhere in the past to favor the rich by stealing from the poor and middle classes.
(c) People have realized, at least a little bit, that our economic system had been rigged somewhere in the past to favor the poor by stealing from the rich and middle classes.
(d) People have realized, at least a little bit, that our economic system had been rigged somewhere in the past to favor the middle classes by stealing from the rich and poor classes.

Short Answer Questions

1. What was one of the strongest arguments in favor of bank regulation versus nationalization?

2. The Federal Reserve System was designed to control what element of member banks?

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

4. What did the U.S. government do to support banks?

5. What historic reference is contained in this chapter?

(see the answer key)

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