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This test consists of 5 multiple choice questions, 5 short answer questions, and 10 short essay questions.

Multiple Choice Questions

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

2. What refers to a numerical expression based on a statistical analysis of a person's credit files that represents the creditworthiness of that person?
(a) Credit score.
(b) Credit annuity.
(c) Stock portfolio.
(d) Stock score.

3. According to the author, many loans were _____ meaning there was no documentation that confirmed their qualifications for the loans.
(a) "No trans."
(b) "No doc."
(c) "On spec."
(d) "Insecure."

4. When was The Fountainhead published?
(a) 1967.
(b) 1943.
(c) 1941.
(d) 1954.

5. Who is the protagonist of The Fountainhead?
(a) Dagny Taggart.
(b) Howard Roark.
(c) Sarah Anderson.
(d) John Gatsby.

Short Answer Questions

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

2. In what year was Sarah Palin a candidate for Vice President of the United States?

3. 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?

4. Alan Greenspan served as Chairman of the Federal Reserve of the United States during what years?

5. What was the name of Ayn Rand's circle of intellectuals which was dedicated to relentless self-interest?

Short Essay Questions

1. How are "no doc" loans described in Chapter 3? How were the borrowers scammed in this system?

2. As described in Chapter 2, what was Alan Greenspan's focus in controlling the United States economy?

3. How did the market for subprime loans change between 2002 and 2005?

4. What impact did Alan Greenspan have on the Federal Reserve during his years in power?

5. What is the fundamental belief of objectivism, as described in Chapter 2?

6. What actions did Alan Greenspan take which led directly to the housing bubble bust?

7. Describe Alan Greenspan's childhood and education. Where did Greenspan study economics?

8. With what Tea Party member did Taibbi travel? What did he discover about the Republican candidates' issues?

9. What process did banks undertake in order to sells risky loans, as described in Chapter 3?

10. What did Eljon Williams learn about the commission involved in his mortgage?

(see the answer keys)

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