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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. During which President's administration did the head of the Commodity Futures Trading Commission allow Wall Street speculation to be recognized as "bona fide hedging"?
(a) George H. Bush.
(b) George W. Bush.
(c) Barack Obama.
(d) Bill Clinton.

2. Where did Scott Brown earn his law degree?
(a) Columbia School of Law.
(b) Yale University School of Law.
(c) Boston College Law School.
(d) Harvard Law School.

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

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

5. When was the Uniform Prudent Investor Act enacted?
(a) 1994.
(b) 1947.
(c) 1915.
(d) 1985.

Short Answer Questions

1. The CFTC was created in what year?

2. The Commodity Exchange Act replaced what earlier act from 1922?

3. During the Yom Kippur War, Syria and Egypt attacked territories Israel had captured in what war?

4. Oil prices spiked to how much a barrel in 2008?

5. When was Barack Obama born?

Short Essay Questions

1. How did the power structure of Congress change with Scott Brown's election in Chapter 6: The Trillion-dollar Band-Aid - Health Care Reform?

2. In Chapter 5, what does the author write of the correlation between decreasing taxes and rising prices?

3. How are SFWs defined in Chapter 5: The Outsourced Highway - Wealth Funds?

4. What led to the end of the Yom Kippur War, as discussed in Chapter 5?

5. What led up to OPEC's oil embargo in the 1970s, as described in Chapter 5?

6. Why did Obama support giveaways to pharmaceutical companies, as discussed in Chapter 6?

7. What scenarios does the author describe for Priscilla Carillo and Robert Lukas in Chapter 4?

8. What changed the regulation for trust funds and pension funds, as described in Chapter 4?

9. What administration was responsible for easing regulations on the stock market in Chapter 4?

10. What is the commodities market and how has it affected American finance?

(see the answer keys)

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