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This quiz consists of 5 multiple choice and 5 short answer questions through Section III. The New Alchemy, Chapters 13-15 Masquerade in Moscow; The Best Enemy Money Can Buy; The Lost Treasure Map.

Multiple Choice Questions

1. How did the government provide economic support to Lockheed Corporation in 1970?
(a) In 1970, Lockheed Corporation was forgiven of all defense-related debt.
(b) In 1970, Lockheed Corporation had troubles and became a prime government contractor, another way of nationalizing private industry.
(c) In 1970, Lockheed Corporation was made a unit of the Defense Department.
(d) In 1970, the US government agreed to pay Lockheed Corporation twenty-percent over their selling prices.

2. How is the Federal Reserve System reviewed in general?
(a) The Federal Reserve System had become the economic leader of the country.
(b) The Federal Reserve System had become the lender of last resort.
(c) The Federal Reserve System had become the nation's first source of lending.
(d) The Federal Reserve System had become known to have the strictest lending standards.

3. Why was gold considered the ideal metal behind a monetary system?
(a) Gold was considered the perfect metal because it was the most common of the precious metals.
(b) Gold was considered the perfect metal because it was the most sought after of the precious metals.
(c) Gold was considered the perfect metal because of its intrinsic value and scarcity throughout history.
(d) Gold was considered the perfect metal because of its value and availability.

4. What impact did the Greek currency system have on the economy?
(a) The Greek currency system led to other cultures creating similar systems.
(b) The Greek currency system led to an unstable economy.
(c) The Greek currency system had no effect on the economy.
(d) The Greek currency system led to a stable economy.

5. What major banks failed in 1972?
(a) In 1972, First Bank of Michigan and New York Bank both failed.
(b) First Bank of California and Wells Fargo Bank failed in 1972.
(c) Unity Bank fell in 1972, as did the Commonwealth Bank of Detroit.
(d) In 1972, Bank of America and Citibank failed.

Short Answer Questions

1. What monetary system did the Constitution of the newly formed United States require?

2. What was the goal of the secret society founded by Lord Alfred Milner?

3. Why was the use of fiat money disallowed in the United States?

4. What city became a major part of the welfare state in 1975?

5. In what year was First Pennsylvania Bank bailed out?

(see the answer key)

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