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This quiz consists of 5 multiple choice and 5 short answer questions through Chapter 5, Created Equal.

Multiple Choice Questions

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

2. New Deal temporary programs included all but:
(a) direct federal relief to the indigent
(b) Civilian Conservations Corps
(c) medicine
(d) WPA

3. An unfavorable balance of payments situation meant:
(a) nothing
(b) a deficit
(c) a surplus
(d) equality of inflows and outflows

4. A coordinated restriction of payments by banks is used:
(a) intensify a run on banks
(b) to stop a run on banks
(c) faster a monetary expansion
(d) meet the public's demands for currency

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

Short Answer Questions

1. The legislation for the Federal Reserve System came into being as a result of:

2. The first thing Roosevelt did after his inauguration was to:

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

4. Equality before God means:

5. Policies based on fair shares or 'to each according to his needs' have resulted in severe lack of liberties in all but the following:

(see the answer key)

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