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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. The loans on the bottom tier of derivatives were referred to as what?
(a) AAA.
(b) Toxic waste.
(c) Top notch.
(d) Bottom feeders.

2. Eljon Williams had what profession?
(a) Pianist.
(b) Sheriff's deputy.
(c) Sanitation worker.
(d) Banker.

3. What refers to a form of government in which engineers, scientists, health professionals, and other technical experts are in control of decision making in their respective fields?
(a) Socialist democracy.
(b) Democracy.
(c) Technocracy.
(d) Plurocracy.

4. In 2002, less than how much worth of subprime loans was approved?
(a) $300 million.
(b) $100 billion.
(c) $200 billion.
(d) $1 billion.

5. Alan Greenspan served as Chairman of the Federal Reserve of the United States during what years?
(a) 1987-2006.
(b) 1980-2000.
(c) 1985-2004.
(d) 1990-1999.

Short Answer Questions

1. Of what political party was Ronald Reagan a member?

2. What refers to a fraudulent investment operation that pays returns to its investors from their own money or the money paid by subsequent investors, rather than from any actual profit earned by the individual or organization running the operation?

3. Where was Ayn Rand born?

4. For what magazine was Matt Taibbi working as a reporter when he describes having listened to the acceptance speech of Sarah Palin in Chapter 1?

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

(see the answer key)

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