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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. What monetary system did the Constitution of the newly formed United States require?
(a) When the United States was formed, the Constitution required a paper currency system.
(b) When the United States was formed, the Constitution required that all precious metal be in the control of the government.
(c) When the United States was formed, the Constitution required gold-backed money.
(d) When the United States was formed, the Constitution required a fractional money system.

2. What did the issuance of the first paper money lead to?
(a) Stronger economies evolved from the establishment of the paper money system.
(b) Banks evolved from the establishment of the paper money system.
(c) The lending process evolved from the establishment of the paper money system.
(d) The class system evolved from the establishment of the paper money system.

3. What was a fundamental flaw in a paper money system not backed by gold?
(a) The temptation was too strong to simply print more money which led to severe deflation.
(b) The temptation was too strong to simply print more money which led to severe inflation.
(c) The temptation was too strong to simply print more money which led to economic instability.
(d) The temptation was too strong to simply print more money which led to economic stability.

4. What country was formed after the second Russian revolution?
(a) The USSR developed after the second Russian revolution.
(b) Kurdistan was formed after the Russian revolution.
(c) New Poland was formed after the second Russian revolution.
(d) The country of Georgia was established after the second Russian revolution.

5. What is the main transport of both Amtrak and Conrail?
(a) Amtrak is the main carrier for government cargo and Conrail is available to the general public.
(b) Amtrak had been the freight side of Penn Central, while Conrail had been the passenger side.
(c) Amtrak operates as a commuter train while Conrail operates as a long-distance carrier.
(d) Amtrak had been the passenger side of Penn Central, while Conrail had been the freight side.

Short Answer Questions

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

2. What financing was behind the second Russian revolution?

3. What caused the economy to get into such a state that the government was compelled to bail out banks?

4. How did the Federal Reserve System accomplish the nationalization of banks?

5. The nationalization of banks has occurred during conservative or liberal administrations?

(see the answer key)

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