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This quiz consists of 5 multiple choice and 5 short answer questions through Section I. What Creature Is This? Chapter 3 Protectors of the Public.

Multiple Choice Questions

1. What happened when a debtor defaulted on a loan?
(a) When a debtor defaulted on a loan, he would ask loan payments be waived.
(b) When a debtor defaulted on a loan, he would stop making payments.
(c) When a debtor defaulted on a loan, he would first ask for more time to pay.
(d) When a debtor defaulted on a loan, he would ask the government for a guaranteed loan.

2. Why was the "Federal Reserve System," so named?
(a) The "Federal Reserve System" was so named so that people would have respect for it.
(b) The "Federal Reserve System" was so named so that people would think it was part of the Federal government.
(c) The "Federal Reserve System" was so named because its offices were not state run.
(d) The "Federal Reserve System" was so named so that people would know that it was part of the Federal government.

3. How is the Federal Reserve System reviewed in general?
(a) The Federal Reserve System had become the lender of last resort.
(b) The Federal Reserve System had become the economic leader of the country.
(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.

4. What city became a major part of the welfare state in 1975?
(a) Chicago became a major part of the welfare state in 1975 via Federal government bailouts.
(b) Atlanta became a major part of the welfare state in 1975 via Federal government bailouts.
(c) Los Angeles became a major part of the welfare state in 1975 via Federal government bailouts.
(d) New York City became a major part of the welfare state in 1975 via Federal government bailouts.

5. Who does the Federal Reserve depend on to bail out the country in times of economic collapse?
(a) The Federal Reserve turns to the taxpayer to bail out the country in times of economic collapse.
(b) The Federal Reserve turns to the foreign investors to bail out the country in times of economic collapse.
(c) The Federal Reserve turns to the banks to bail out the country in times of economic collapse.
(d) The Federal Reserve turns to Congress to bail out the country in times of economic collapse.

Short Answer Questions

1. Why did banks offer debtors more credit?

2. What is the main transport of both Amtrak and Conrail?

3. Since its inception in 1910, the Federal Reserve had made what decisions about bank bailouts?

4. What organization ensures the nationalization of banks?

5. The author made what sports analogy to describe the problems with the banking system?

(see the answer key)

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