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

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 test consists of 5 multiple choice questions, 5 short answer questions, and 10 short essay questions.

Multiple Choice Questions

1. What importance does political ideology have on the nationalization of banks?
(a) The Congressional chairman of the Banking Committee influences support for nationalization.
(b) The nationalization of banks is such a strong part of the overall economy that political ideology did not matter.
(c) Liberal ideologues have the great influence on bank legislation.
(d) Political lobbyists for banks have great influence on their nationalization.

2. Some tactics include cherry-picking examples while oversimplifying causes.
(a) One tactic is providing great detail about their causes.
(b) One tactic is cherry-picking examples while oversimplifying causes.
(c) One tactic is having others provide testimonials on their behalf.
(d) One tactic is to accuse others of lying about the facts.

3. How did poor regulation contribute to the Savings and Loan crisis of the 1980s?
(a) Government regulations allowed S&Ls did not require them to repay their debtors in full.
(b) Government regulations allowed S&Ls to hoard money to increase their cash flow.
(c) Government regulations allowed S&Ls to file individual bankruptcies.
(d) Government regulations allowed S&Ls to claim assets that had no value, such as community good will toward them, and encouraged bad lending practices to increase home ownership.

4. How were the policies of FDR's administration a departure from capitalism?
(a) They abandoned standards of the Federal Reserve that were supposed to have worked with a purely capitalistic system.
(b) They abandoned Congressional banking regulations that were supposed to have worked with a purely capitalistic system.
(c) They abandoned the free market principles that were supposed to have worked with a purely capitalistic system.
(d) They abandoned the principles of the International Monetary Fund that were supposed to have worked with a purely capitalistic system.

5. What did the issuance of the first paper money lead to?
(a) Stronger economies evolved from the establishment of the paper money system.
(b) Banks evolved from the establishment of the paper money system.
(c) The lending process evolved from the establishment of the paper money system.
(d) The class system evolved from the establishment of the paper money system.

Short Answer Questions

1. What culture was the first to create a currency system based on gold and silver?

2. Why has bank fraud never been eliminated?

3. What was the relationship between the World Bank and the IMF?

4. What was the location of the meeting where the concept of the Federal Reserve was developed?

5. The nationalization of banks has occurred during conservative or liberal administrations?

Short Essay Questions

1. In Chapter 2, how did the banks make their money?

2. According to Chapter 5, what US president abandoned the gold standard from the US dollar?

3. According to Chapter 1, where did the idea for the Federal Reserve System originate?

4. According to Chapter 5, what country contributed the largest investment in the IMF?

5. In Chapter 8, how did the development of paper money begin?

6. According to Chapter 4, when did Americans become interested in socialism?

7. According to Chapter 7, how did modern monetary systems originate historically?

8. According to Chapter 1, what were banks allowed to lend prior to the establishment of the Federal Reserve System?

9. In Chapter 4, how was the employment picture beginning to change?

10. In Chapter 4, what factdors may have contributed to the problems of the S&Ls in the 1980s?

(see the answer keys)

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