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This quiz consists of 5 multiple choice and 5 short answer questions through Chapter 3: Hot Potato, The Great American Mortgage Scam.

Multiple Choice Questions

1. What refers to trade in high volumes at prices that are considerably at variance with intrinsic values?
(a) Free-market economics.
(b) Capitalism.
(c) Bubble economy.
(d) Socialism.

2. From 1948 to 1953, Alan Greenspan worked as an economic analyst at what business and industry oriented think-tank in New York City?
(a) The Federal Reserve.
(b) The Democratic Board of Industry.
(c) The Republican Commission for Wealth.
(d) The National Industrial Conference Board.

3. Who was Vice President to Richard Nixon?
(a) Lyndon Johnson.
(b) George H. Bush.
(c) Spiro Agnew.
(d) Ronald Reagan.

4. The fundamental belief of what philosophy is that self-interest is a normal human state and interventionism by the government is unnatural and evil?
(a) Objectivism.
(b) Pluralism.
(c) Absurdism.
(d) Subjectivism.

5. What refers to a market for securities (debt or equity), where business enterprises and governments can raise long-term funds?
(a) Bond market.
(b) Subsidy market.
(c) Derivatives market.
(d) Capital market.

Short Answer Questions

1. Alan Greenspan recommended the Reagan era increase in Social Security tax, and the rate went from 9.35% to ___________.

2. Eljon Williams learned that the firm which helped him obtain a mortgage had gotten a commission of how much money?

3. When did Alan Greenspan earn his doctorate in economics?

4. Where did Matt Taibbi hear Sarah Palin's acceptance speech in Chapter 1?

5. In Chapter 3, what process in which loans are split up and sold off to secondary investors as securities was used by banks?

(see the answer key)

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