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This quiz consists of 5 multiple choice and 5 short answer questions through Chapter 3, The Anatomy of Crisis.

Multiple Choice Questions

1. The Federal Deposit Insurance Corporation:
(a) guarantees the repayment of bank loans
(b) guarantees deposits against a loss up to a stated amount
(c) guarantees the full amount of all deposits against loss
(d) provides mortgage insurance for homeowners

2. A run on a bank occurs when depositors:
(a) depositors refuse to deposit money
(b) depositors refuse loans
(c) try to withdraw their money in cash at the same time
(d) the bank refuses to make loans

3. Adam Smith wrote:
(a) Das Kapital
(b) The Price System
(c) The Wealth of Nations
(d) Economic Made Simple

4. The economist that changed the way of economic thinking regarding depressions was:
(a) David Ricardo
(b) John Maynard Keynes
(c) Adam Smith
(d) Milton Friedman

5. What kind of international trade is best?
(a) no trade
(b) trade with restrictions
(c) free trade
(d) partically free trade

Short Answer Questions

1. The United States banking system is:

2. What is a good source of information on prices and markets?

3. The first head of the Federal Reserve System was:

4. Economic freedom refers to all but which of the following:

5. A change in prices affects all but the following:

(see the answer key)

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