The Creature from Jekyll Island: A Second Look at the Federal Reserve Test | Mid-Book Test - Easy

G. Edward Griffin
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This test consists of 15 multiple choice questions and 5 short answer questions.

Multiple Choice Questions

1. How do conspiracy theorists strengthen their stands?
(a) Conspiracy theorists have often resorted to filing lawsuits to demonstrate their beliefs.
(b) Conspiracy theorists often write and publish books to make their cases.
(c) Conspiracy theorists have often resorted to soft definitions and the misuse of quotations to strengthen their theories.
(d) Conspiracy theorists have often write editorials to increase support for their ideas.

2. What is the author's main complaint?
(a) Central to the author's thesis was that a few scheming people were constantly and consistently strapping the taxpayer with the costs of the bad loans.
(b) Central to the author's thesis was that a few scheming people were constantly and consistently strapping the IMF with the costs of the bad loans.
(c) Central to the author's thesis was that a few scheming people were constantly and consistently strapping the government with the costs of the bad loans.
(d) Central to the author's thesis was that a few scheming people were constantly and consistently strapping the Federal Reserve with the costs of the bad loans.

3. This conspiracy theory about the Federal Reserve pointed the finger at the meeting on Jekyll Island that occurred in 1910.
(a) The conspiracy theory surrounding the Federal Reserve was thought to have originated during the Great Depression.
(b) The conspiracy theory surrounding the Federal Reserve was thought to have originated at the 1904 World's Fair.
(c) The conspiracy theory surrounding the Federal Reserve was thought to be hatched at the 1910 Jekyll Island meeting.
(d) The conspiracy theory surrounding the Federal Reserve was thought to have originated during FDR's administration.

4. When the entire banking system failed, what did the Federal government turn to to bolster the failed back up system?
(a) When the whole banking system collapsed, taxpayer money went into bolstering the failed system back up.
(b) When the whole banking system collapsed, foreign investments went into bolstering the failed system back up.
(c) When the whole banking system collapsed, money from newly issued government bonds went into bolstering the failed system back up.
(d) When the whole banking system collapsed, the debt ceiling was raised to bolster the failed system back up.

5. What resulted when paper money was not backed with gold or silver?
(a) Money not backed by precious metal led to deflation and political upheaval.
(b) Money not backed by precious metal led to booming economies and political stability.
(c) Money not backed by precious metal led to inflation and political upheaval.
(d) Money not backed by precious metal led to higher deficits.

6. When did the American public become interested in socialism as an alternative to capitalism?
(a) After LBJ's Great Society was enacted, the American public became interested in socialism as an alternative to capitalism.
(b) During the Great Depression of the 1930s, the American public became interested in socialism as an alternative to capitalism.
(c) During the Cold War, the American public became interested in socialism as an alternative to capitalism.
(d) After World War II, the American public became interested in socialism as an alternative to capitalism.

7. What organization ensures the nationalization of banks?
(a) As long as the FDIC existed, it would continue nationalizing banks and perhaps other industries as they fell into financial difficulties.
(b) As long as the Federal Reserve System existed, it would continue nationalizing banks and perhaps other industries as they fell into financial difficulties.
(c) As long as the Congressional Banking Committee existed, it would continue nationalizing banks and perhaps other industries as they fell into financial difficulties.
(d) As long as the International Monetary Fund existed, it would continue nationalizing banks and perhaps other industries as they fell into financial difficulties.

8. In what year was the concept of the Federal Reserve first developed?
(a) The concept of the Federal Reserve was developed in 1952.
(b) The concept of the Federal Reserve was developed in 1966.
(c) The concept of the Federal Reserve was developed in 1920.
(d) The concept of the Federal Reserve was developed in 1910?

9. Why was the "Federal Reserve System," so named?
(a) The "Federal Reserve System" was so named so that people would have respect for it.
(b) The "Federal Reserve System" was so named because its offices were not state run.
(c) The "Federal Reserve System" was so named so that people would know that it was part of the Federal government.
(d) The "Federal Reserve System" was so named so that people would think it was part of the Federal government.

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

11. What has caused the economy's boom-bust cycle?
(a) The Federal Reserve's advertised purpose was to stabilize the economy, but depressions and recessions have resulted instead in a boom-bust cycle.
(b) The economy's boom-bust cycle is caused by the instability of the International Monetary Fund.
(c) The economy's boom-bust cycle is caused from people hoarding cash.
(d) The economy's boom-bust cycle is caused from trade deficits.

12. Why was there skepticism about the author's analysis?
(a) The author refused to be questioned about his research.
(b) The author was not considered an expert on the subject.
(c) Doubt existed because the author's entire analysis was an exercise in historical analysis from subsequent events, which is by nature flawed due to the guesswork involved.
(d) The author was found to be a lobbyist for conservative causes.

13. What was the impact of the creation of new money on the currency?
(a) People considered the creation of new money inflationary as the prices of goods and services rose, but in reality this was a devaluing of the currency.
(b) People considered the creation of new money inflationary as the prices of goods and services rose, but in reality it was strengthening the currency in the world market.
(c) People considered the creation of new money inflationary as the prices of goods and services rose, but in reality this was increasing the value of the currency.
(d) People considered the creation of new money inflationary as the prices of goods and services rose but had no impact on the currency.

14. What does the FDIC stand for?
(a) The FDIC stands for The First Depositor's Insurance Corporation.
(b) The FDIC stands for The Federal Deposit Insurance Corporation.
(c) The FDIC stands for The Federal Debt Issuers Company.
(d) The FDIC stands for The First Debt Institute of Connneticut.

15. What generalization did the author make about conspiracy theorists?
(a) Conspiracy theorists are generally more intelligent than the general population.
(b) There were two kinds of people in the world--those who believed in conspiracy and those who did not.
(c) Those who believe in conspiracy theories are usually more well-informed than most people.
(d) Those who believe in conspiracy theories usually are better educated than the average person.

Short Answer Questions

1. How is the Federal Reserve System reviewed in general?

2. Who was the mastermind behind the Federal Reserve?

3. Many people feel that the economic system has been rigged to favor what group of people?

4. What economic group is hit the hardest by an inflation?

5. What is the definition of a public run on a bank?

(see the answer keys)

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