This quiz consists of 5 multiple choice and 5 short answer questions through Section II. A Crash Course on Money, Chapters 7-8 The Barbaric Metal; Fool's Gold.

Multiple Choice Questions

1. What major banks failed in 1972?
(a) In 1972, First Bank of Michigan and New York Bank both failed.
(b) In 1972, Bank of America and Citibank failed.
(c) Unity Bank fell in 1972, as did the Commonwealth Bank of Detroit.
(d) First Bank of California and Wells Fargo Bank failed in 1972.

2. How did many people feel about those who went too far into debt?
(a) Many argued that those in deep debt should be forgiven much of their dept because of the reclining economy.
(b) Many felt that people who were in debt had been encouraged to do so by political figures.
(c) Many felt that the nation had been taught to rely too much on credit.
(d) Many argued that people who went too far into debt had done this on their own--nobody had forced people into the mortgages or credit cards.

3. What caused the economy to get into such a state that the government was compelled to bail out banks?
(a) The argument could be made that lax lending practices and overly speculative investments had forced the government to use tax dollars in the bailouts.
(b) The International Monetary Fund had become dangerously unstable.
(c) The US Congress failed to pass legislation that would have boosted the economy.
(d) The American people were taking out too many home loans.

4. Why was platinum not used to back the monetary system?
(a) Platinum did not have the popular support of the public to become the standard for a monetary system.
(b) Platinum was too scarce to be used to be the standard for a monetary system.
(c) Not enough platinum occurred in the United States to be used as the standard for a monetary system.
(d) There were myths about platinum and many questioned its real value making it unacceptable to be used to be the standard for a monetary system.

5. What countries did the author point to as failures of the IMF and World Bank?
(a) The author used Tanzania, Argentina, Brazil and Mexico as examples of IMF and World Bank failures.
(b) The author used Venezuela, Chili, Cuba and Uraguay as examples of IMF and World Bank failures.
(c) The author used The Sudan, China, Pakistan and Afghanistan as examples of IMF and World Bank failures.
(d) The author used Greece, Ireland, Italy and Kirghistan as examples of IMF and World Bank failures.