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This test consists of 5 short answer questions, 10 short essay questions, and 1 (of 3) essay topics.

Short Answer Questions

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

2. In 1991, Goldman-Sachs bought up a commodities trading company called ________.

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

4. Nancy Pelosi is the Minority Leader of ______________.

5. Kissinger served as National Security Advisor and Secretary of State under which President?

Short Essay Questions

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

2. Where is most of the money in the American health care system tied up?

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

4. What correlation is there between bankruptcies in the United States and the current health care system, as described in Chapter 6?

5. How does Taibbi describe the design of Obamacare?

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

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

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

9. Who was responsible for purchasing Chicago's parking meters, as described in Chapter 5?

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

Essay Topics

Write an essay for ONE of the following topics:

Essay Topic 1

Discuss CNBC economic analyst Rick Santelli and his response to Obama's plan to prevent foreclosures. What are other comments Santelli has made against the administration?

Essay Topic 2

Discuss the reasons for the US bailout of AIG and the impact of that bailout on the American economy. How much money was given to AIG to stay afloat?

Essay Topic 3

Define and analyze securitization, sub prime loans and derivatives. How and when did these terms enter the American financial world?

(see the answer keys)

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