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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. In what year was First Pennsylvania Bank bailed out?
(a) First Pennsylvania Bank was bailed out in 1973.
(b) First Pennsylvania Bank was bailed out in 1980.
(c) First Pennsylvania Bank was bailed out in 1975.
(d) First Pennsylvania Bank was bailed out in 1972.

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

3. What did the issuance of the first paper money lead to?
(a) The lending process evolved from the establishment of the paper money system.
(b) Banks evolved from the establishment of the paper money system.
(c) Stronger economies evolved from the establishment of the paper money system.
(d) The class system evolved from the establishment of the paper money system.

4. How does a currency drain occur within the banking system?
(a) A currency drain occurs when foreign investors withdrawn their funds from US banks.
(b) A currency drain occurs when the government devalues the currency system.
(c) A currency drain happened when many depositors wrote checks, and the receivers of the checks cashed them at another bank, thereby requiring more money from the first bank than it had on hand.
(d) A currency drain occurs when the Federal government demands repayment of loans.

5. What has caused the economy's boom-bust cycle?
(a) The economy's boom-bust cycle is caused by the instability of the International Monetary Fund.
(b) The economy's boom-bust cycle is caused from people hoarding cash.
(c) The economy's boom-bust cycle is caused from trade deficits.
(d) The Federal Reserve's advertised purpose was to stabilize the economy, but depressions and recessions have resulted instead in a boom-bust cycle.

Short Answer Questions

1. How do conspiracy theorists strengthen their stands?

2. What happened when Congress stepped in during the S&L crisis?

3. What may have contributed to the problems of the S&Ls in the 1980s?

4. What caused the economy to get into such a state that the government was compelled to bail out banks?

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

(see the answer key)

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