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

Multiple Choice Questions

1. The Commodity Exchange Act was enacted in what year?
(a) 1958.
(b) 1942.
(c) 1916.
(d) 1936.

2. According to Chapter 4, Goldman-Sachs was the dominant index cornering about how much of the speculation market?
(a) Two-thirds.
(b) Three-fourths.
(c) One-half.
(d) One-third.

3. According to the author, the correlation between decreasing taxes and rising prices from ________ should not go unnoticed.
(a) The commodities bubble.
(b) The rise of Socialism.
(c) The derivatives market.
(d) The services bubble.

4. What is a requirement for a proposal to gain a specified level or type of support which exceeds a simple majority (over 50%)?
(a) Superpower.
(b) Supermajority.
(c) Upper majority.
(d) Great majority.

5. Goldman-Sachs argued that investing in commodities futures would reduce risk and yield __________.
(a) T-bill returns.
(b) Derivatives.
(c) Equity-like returns.
(d) Speculative returns.

6. What, according to the author, had been designed as a massive political deal with big giveaways to pharmaceutical companies in the form of subsidies and a big gift to the insurance industry in the form of the individual mandate?
(a) The Congressional Committee for Health Reform.
(b) Obamacare.
(c) Capitalism.
(d) The Congressional Committee for Finance.

7. What occupation did Barack Obama have before earning his law degree?
(a) Civic engineer.
(b) High school teacher.
(c) Community organizer.
(d) College professor.

8. What does OPEC stand for?
(a) The Organization of Phonetic Electrical Companies.
(b) The Organization of Pacific Executive Countries.
(c) The Organization of the Petroleum Exporting Countries.
(d) The Organization of Petroleum Energy Corporations.

9. When was John McCain born?
(a) 1948.
(b) 1911.
(c) 1942.
(d) 1936.

10. When was Henry Kissinger born?
(a) 1911.
(b) 1923.
(c) 1929.
(d) 1945.

11. For what state was Scott Brown elected Senator?
(a) Massachusetts.
(b) Kansas.
(c) Illinois.
(d) Washington.

12. What do SWFs refer to?
(a) Static wealth funds.
(b) Sovereign wealth funds.
(c) Solidified wealth funds.
(d) Static war funds.

13. When did the Yom Kippur War end?
(a) September 14, 1975.
(b) October 25, 1973.
(c) November 3, 1973.
(d) October 15, 1972.

14. A new investment vehicle called index speculation was comprised of two main indices which were the Goldman-Sachs Commodity Index and ____________.
(a) The NASDAQ-AIG Commodity Index.
(b) The Dow Jones-NASDAQ Commodity Index.
(c) The FICA Commodity Index.
(d) The Dow Jones-AIG Commodity Index.

15. Oil prices spiked to how much a barrel in 2008?
(a) $120.
(b) $110.
(c) $149.
(d) $200.

Short Answer Questions

1. Where was John McCain born?

2. Nancy Pelosi is the Minority Leader of ______________.

3. The three sections of the Pennsylvania turnpike system total how many miles?

4. From what university did Henry Kissinger earn his A.M. and Ph.D. degrees?

5. Who had to withdraw from a summer calculus class in San Francisco because he couldn't afford the gas for the commute?

(see the answer keys)

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