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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. Many people feel that the economic system has been rigged to favor what group of people?
(a) People have realized, at least a little bit, that our economic system had been rigged somewhere in the past to favor the poor by stealing from the rich and middle classes.
(b) People have realized, at least a little bit, that our economic system had been rigged somewhere in the past to favor the rich by stealing from the poor and middle classes.
(c) People have realized, at least a little bit, that our economic system had been rigged somewhere in the past to favor the rich by stealing from the government revenues.
(d) People have realized, at least a little bit, that our economic system had been rigged somewhere in the past to favor the middle classes by stealing from the rich and poor classes.

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

3. What was the location of the meeting where the concept of the Federal Reserve was developed?
(a) The concept of the Federal Reserve was developed on Alcatraz Island.
(b) The concept of the Federal Reserve was developed on Jekyll Island.
(c) The concept of the Federal Reserve was developed in the Hawaiin Islands.
(d) The concept of the Federal Reserve was developed on Long Island.

4. The author made what sports analogy to describe the problems with the banking system?
(a) Using a football analogy, the problems with the banking system were presented in a fairly understandable way.
(b) Using a soccer analogy, the problems with the banking system were presented in a fairly understandable way.
(c) Using a baseball analogy, the problems with the banking system were presented in a fairly understandable way.
(d) Using a golf analogy, the problems with the banking system were presented in a fairly understandable way.

5. How did the banks make their money?
(a) The banks made money on interest, not principle, payments.
(b) The banks made money on their cash flow.
(c) The banks made money on principle, not on interest payments.
(d) The banks made money on both interest ad principle payments.

Short Answer Questions

1. What was one of the strongest arguments in favor of bank regulation versus nationalization?

2. What was the main argument in favor of nationalizing banks?

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

4. Who was the mastermind behind the Federal Reserve?

5. What resulted from the 1970 Penn Central Railroad bailout?

(see the answer key)

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