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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. Why was the "Federal Reserve System," so named?
(a) The "Federal Reserve System" was so named so that people would know that it was part of the Federal government.
(b) The "Federal Reserve System" was so named so that people would think it was part of the Federal government.
(c) The "Federal Reserve System" was so named because its offices were not state run.
(d) The "Federal Reserve System" was so named so that people would have respect for it.

2. What is the Fabian plan?
(a) The Fabian plan had to do with making the world a world without political .
(b) The Fabian plan involved making the entire world a capitalistic society.
(c) The Fabian plan had to do with making the world one big socialized government.
(d) The Fabian plan had to do with making the world one big democracy.

3. 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(a) A currency drain occurs when foreign investors withdrawn their funds from US banks.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 Federal government demands repayment of loans.
(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 government devalues the currency system.

4. What did the author argue resulted from the establishment of the IMF and World Bank and the abandonment of the gold standard?
(a) The author maintained that these were further steps toward world socialism that resulted in mass murders, famine and economically destroyed countries.
(b) The author maintained that these were further steps toward a world dictatorship that resulted in mass murders, famine and economically destroyed countries.
(c) The author maintained that these were further steps toward world socialism that resulted in mass murders, famine and economically destroyed countries.
(d) The author maintained that these were further steps toward establishing the United Nations as the world's preeminent authority that resulted in mass murders, famine and economically destroyed countries.

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

Short Answer Questions

1. What unreasonable conclusion does the author make about the IMF and World Bank?

2. What important aspect about the economic history of the country did the author fail to mention?

3. What is the status of a loan that is "underwater?"

4. What occurred when coinage was weakened through lower percentages of precious metal or completing stripped of such backing?

5. What economic group is hit the hardest by an inflation?

(see the answer key)

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