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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. From 1948 to 1953, Alan Greenspan worked as an economic analyst at what business and industry oriented think-tank in New York City?
(a) The National Industrial Conference Board.
(b) The Republican Commission for Wealth.
(c) The Democratic Board of Industry.
(d) The Federal Reserve.

2. When was Ronald Reagan born?
(a) 1919.
(b) 1911.
(c) 1930.
(d) 1925.

3. What refers to a market for securities (debt or equity), where business enterprises and governments can raise long-term funds?
(a) Subsidy market.
(b) Capital market.
(c) Derivatives market.
(d) Bond market.

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

Short Answer Questions

1. In Chapter 3, what fee did companies that would attach a borrower's name to the credit score of another person who was more credit worthy charge?

2. 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?

3. In Chapter 1, there was exhaustion because the campaign had been how long?

4. Before declaring bankruptcy, Lehman Brothers Holdings Inc. was ranked as the _________ largest investment bank in the United States.

5. Where was Ayn Rand born?

Short Essay Questions

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

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

3. What does Taibbi write of his thoughts on Sarah Palin in Chapter 1?

4. Describe the different tranches of subprime loans discussed in Chapter 3. What were the differences between the tranches?

5. What setback does the author describe for a banker named Andy?

6. How does Taibbi believe Sarah Palin took Nixon's campaign strategy further?

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

8. How did Matt Taibbi feel about the Presidential campaign in Chapter 1? What events were unforeseen at this point in history?

9. How did Ayn Rand influence Alan Greenspan, and in effect, American finance?

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

(see the answer keys)

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