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This test consists of 15 multiple choice questions and 5 short answer questions.

Multiple Choice Questions

1. 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) Democracy.
(b) Plurocracy.
(c) Technocracy.
(d) Socialist democracy.

2. Where did Alan Greenspan study clarinet from 1943 to 1944?
(a) Boston College.
(b) New York University.
(c) The Juilliard School.
(d) Harvard University.

3. Who appointed Alan Greenspan as the Federal Reserve chairman?
(a) Ronald Reagan.
(b) Bill Clinton.
(c) George H. Bush.
(d) George W. Bush.

4. With what Tea Party member did Matt Taibbi travel around Nevada in Chapter 1?
(a) Michele Bachmann.
(b) James Williams.
(c) Sarah Palin.
(d) Bill Parsons.

5. When did Lehman Brothers declare bankruptcy?
(a) November, 2007.
(b) October, 2008.
(c) September 2009.
(d) September, 2008.

6. In finance, what occurs whenever the loan payment for any period is less than the interest charged over that period so that the outstanding balance of the loan increases?
(a) Positive securitization.
(b) Inverted amortization.
(c) Negative amortization.
(d) Negative securitization.

7. What refers to the idea of a society in a repressive and controlled state, often under the guise of being Utopian?
(a) Dystopia.
(b) Communism.
(c) Democracy.
(d) Socialism.

8. Before declaring bankruptcy, Lehman Brothers Holdings Inc. was ranked as the _________ largest investment bank in the United States.
(a) Second.
(b) First.
(c) Fourth.
(d) Third.

9. What refers to the part of the economy which is run by private individuals or groups, usually as a means of enterprise for profit, and is not controlled by the state?
(a) Private sector.
(b) Education system.
(c) Public sector.
(d) Stock market.

10. What was the name of Ayn Rand's circle of intellectuals which was dedicated to relentless self-interest?
(a) "The Collective."
(b) "The Caravan."
(c) "The Circle."
(d) "The Vicious Circle."

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

12. What is a private, actively managed investment fund that utilizes sophisticated strategies in international and/or domestic markets, offsets losses during a market downturn, and/or generates returns higher than traditional stock and bond investments?
(a) Derivatives fund.
(b) Hedge fund.
(c) Credit fund.
(d) Stock portfolio.

13. Where did Matt Taibbi hear Sarah Palin's acceptance speech in Chapter 1?
(a) The Xcel Center in St. Paul, MN.
(b) The Hewlitt Packard Center, San Jose, CA.
(c) Wall Street, New York, NY.
(d) The Superdome, New Orleans, LA.

14. What NBC correspondent did Alan Greenspan marry?
(a) Alexis Marcantel.
(b) Jane Pauley.
(c) Andrea Mitchell.
(d) Michelle Kimble.

15. In Chapter 1, there was exhaustion because the campaign had been how long?
(a) 8 months.
(b) 18 months.
(c) 6 months.
(d) 12 months.

Short Answer Questions

1. Who was Vice President to Richard Nixon?

2. In what year did Alan Greenspan tell Congress that the risk involved in derivatives was "negligible"?

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

4. From 1948 to 1953, Alan Greenspan worked as an economic analyst at what business and industry oriented think-tank in New York City?

5. Eljon Williams and his wife were shocked when their mortgage went up over how much from one month to the next in Chapter 3?

(see the answer keys)

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