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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 middle classes by stealing from the rich and poor classes.
(b) 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.
(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 rich by stealing from the poor and middle classes.

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 known to have the strictest lending standards.
(c) The Federal Reserve System had become the lender of last resort.
(d) The Federal Reserve System had become the nation's first source of lending.

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

4. In what year was the concept of the Federal Reserve first developed?
(a) The concept of the Federal Reserve was developed in 1966.
(b) The concept of the Federal Reserve was developed in 1920.
(c) The concept of the Federal Reserve was developed in 1910?
(d) The concept of the Federal Reserve was developed in 1952.

5. Prior to the establishment of the Federal Reserves, what caused massive bank failures?
(a) US bonds were devalued by the Federal authorities.
(b) There were public runs on the banks and currency drains from other banks demanding payments.
(c) Foreign debtors demanded the full repayment of loands.
(d) The Great Depression proved to be an unbearable strain on the banking system.

Short Answer Questions

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

2. How did the government provide economic support to Lockheed Corporation in 1970?

3. Who was the mastermind behind the Federal Reserve?

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

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

(see the answer key)

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