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This quiz consists of 5 multiple choice and 5 short answer questions through Section IV. A Tale of Three Banks, Chapters 16-19 The Creature Comes to America; A Den of Vipers; Loaves and Fishes, and Civil War; Greenbacks and Other Crimes.

Multiple Choice Questions

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

2. How was some property converted for home ownership during the 1980s?
(a) Less expensive condominiums that often times had been rental apartments became another way. Rent-to-buy deals popped into the market.
(b) Some storefront small business buildings were converted to property that was sold for private homes.
(c) Trailer parks were developed as suburban subdivisions.
(d) In some towns, student housing was converted to property that was sold to homeowners.

3. How did Nicholas Biddle, leader of The Second Bank, respond to President Andrew Jackson's opposition to him?
(a) Biddle fought back by instigating a depression by tampering with national cash flow.
(b) Biddle fought back by instigating a depression through his economic control.
(c) Biddle fought back by instigating a depression through Congressional legislation.
(d) Biddle fought back by instigating a depression through the state banks.

4. What was the name of the central bank established in 1791?
(a) The Bank of the Philadelphia was chartered in 1791.
(b) The Bank of New England was chartered in 1791.
(c) The Bank of the United States was chartered in 1791.
(d) The Bank of America was chartered in 1791.

5. What was a fundamental flaw in a paper money system not backed by gold?
(a) The temptation was too strong to simply print more money which led to economic instability.
(b) The temptation was too strong to simply print more money which led to severe deflation.
(c) The temptation was too strong to simply print more money which led to severe inflation.
(d) The temptation was too strong to simply print more money which led to economic stability.

Short Answer Questions

1. What is the fundamental basis of capitalism?

2. What monetary system did the Constitution of the newly formed United States require?

3. Who does the Federal Reserve depend on to bail out the country in times of economic collapse?

4. During the history of the world, what types of things were first traded?

5. How was the nationalization of banks justified?

(see the answer key)

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