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

Multiple Choice Questions

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

2. When was Atlas Shrugged published?
(a) 1940.
(b) 1968.
(c) 1948.
(d) 1957.

3. 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?
(a) Unsubsidized loans.
(b) Subsidized market.
(c) Derivitaves market.
(d) Ponzi scheme.

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

5. 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) Education system.
(b) Public sector.
(c) Stock market.
(d) Private sector.

6. Eljon Williams and his wife were shocked when their mortgage went up over how much from one month to the next in Chapter 3?
(a) $100.
(b) $300.
(c) $200.
(d) $500.

7. Where was Ayn Rand born?
(a) New Brunswick, Canada.
(b) Saint Petersburg, Russia.
(c) New York, New York.
(d) Alberta, Canada.

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

9. 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) Inverted amortization.
(b) Negative amortization.
(c) Negative securitization.
(d) Positive securitization.

10. In what year did Alan Greenspan tell Congress that the risk involved in derivatives was "negligible"?
(a) 1990.
(b) 1982.
(c) 1987.
(d) 1994.

11. 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) The Superdome, New Orleans, LA.
(d) Wall Street, New York, NY.

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

13. According to the author, in his years of power, Alan Greenspan was able to turn the Federal Reserve into what?
(a) A bail-out mechanism for the ultra-rich.
(b) A place of integrity and fairness.
(c) An establishment for the poor.
(d) A Socialist mechanism.

14. The investment bank division of Deutsche Bank is head-quartered where?
(a) Washington, D.C.
(b) London, England.
(c) New York, New York.
(d) Chicago, Illinois.

15. AIG was listed on the Dow Jones Industrial Average from _________ to September 22, 2008.
(a) September 19, 2005.
(b) April 8, 2004.
(c) March 12, 2008.
(d) August 5, 2003.

Short Answer Questions

1. In what year did Alan Greenspan earn his M.A. degree in economics?

2. For what political party was Sarah Palin the nominee for Vice President of the United States?

3. Ronald Reagan was the thirty-third governor of what state?

4. When did Lehman Brothers declare bankruptcy?

5. Where did Alan Greenspan study clarinet from 1943 to 1944?

(see the answer keys)

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