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

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

3. What historic reference is contained in this chapter?
(a) A history of bailouts was outlined in this chapter, starting in 1970 with Penn Central Railroad.
(b) A history of legislation regarding the Federal Reserve is contained in this section.
(c) A history of the Federal Reserve chairmain is contained in this section.
(d) A history of the laws regulating the economy is contained in this chapter.

4. What importance does political ideology have on the nationalization of banks?
(a) Political lobbyists for banks have great influence on their nationalization.
(b) The Congressional chairman of the Banking Committee influences support for nationalization.
(c) Liberal ideologues have the great influence on bank legislation.
(d) The nationalization of banks is such a strong part of the overall economy that political ideology did not matter.

5. When the entire banking system failed, what did the Federal government turn to to bolster the failed back up system?
(a) When the whole banking system collapsed, foreign investments went into bolstering the failed system back up.
(b) When the whole banking system collapsed, taxpayer money went into bolstering the failed system back up.
(c) When the whole banking system collapsed, the debt ceiling was raised to bolster the failed system back up.
(d) When the whole banking system collapsed, money from newly issued government bonds went into bolstering the failed system back up.

Short Answer Questions

1. What do some feel was the reason for establishing the Federal Reserve?

2. How was the nationalization of banks justified?

3. Why was the "Federal Reserve System," so named?

4. Why did banks make risky loans?

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

(see the answer key)

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