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

2. What U.S. president removed the gold standard from the US dollar?
(a) President Nixon took the U.S. dollar off its gold backing so that dollars could not be redeemed for gold.
(b) President Kennedy took the U.S. dollar off its gold backing so that dollars could not be redeemed for gold.
(c) President Wilson took the U.S. dollar off its gold backing so that dollars could not be redeemed for gold.
(d) President Lincoln took the U.S. dollar off its gold backing so that dollars could not be redeemed for gold.

3. How do conspiracy theorists strengthen their stands?
(a) Conspiracy theorists often write and publish books to make their cases.
(b) Conspiracy theorists have often resorted to soft definitions and the misuse of quotations to strengthen their theories.
(c) Conspiracy theorists have often write editorials to increase support for their ideas.
(d) Conspiracy theorists have often resorted to filing lawsuits to demonstrate their beliefs.

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

5. What often occurs to a conspiracy theory when deceit is not used to strengthen their case?
(a) Without using deceit, conspiracy theories usually stand on their own merit.
(b) Without the use of evasive tactics, the conspiracy theories often fall apart in their early stages of development.
(c) Without using deceit, conspiracy theories are often debated in a higher education venue.
(d) Without using deceit, conspiracy theories are proven on the arena of public opinion.

Short Answer Questions

1. Why was housing becoming difficult to obtain in the 1980s?

2. Why was there skepticism about the author's analysis?

3. What events cause deflation?

4. What did the issuance of the first paper money lead to?

5. What do many people feel was the real reason behind the establishment of the Federal Reserve?

(see the answer key)

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