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. The nationalization of banks has occurred during conservative or liberal administrations?
(a) The nationalization of banks occurred when there is equal balance among all branches of government.
(b) The nationalization of banks occurred during conservative as well as liberal administrations.
(c) The nationalization of banks occurred during liberal administrations.
(d) The nationalization of banks occurred during conservative administrations.

2. What U.S. president removed the gold standard from the US dollar?
(a) President Kennedy took the U.S. dollar off its gold backing so that dollars could not be redeemed for gold.
(b) President Nixon 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. What was one of the strongest arguments in favor of bank regulation versus nationalization?
(a) An argument in favor of regulation was that it would cause less unemployment.
(b) An argument in favor of regulation was that the American people felt uncomfortable with nationalization.
(c) An argument in favor of regulation was that it would purge the system of fraud and abuse.
(d) An argument in favor of regulation was that, when properly administered, it had worked from the time of Franklin D. Roosevelt (President of the US from 1933 to 1945) to 1970.

4. What happened when a debtor defaulted on a loan?
(a) When a debtor defaulted on a loan, he would ask loan payments be waived.
(b) When a debtor defaulted on a loan, he would ask the government for a guaranteed loan.
(c) When a debtor defaulted on a loan, he would first ask for more time to pay.
(d) When a debtor defaulted on a loan, he would stop making payments.

5. Prior to the establishment of the Federal Reserves, what caused massive bank failures?
(a) US bonds were devalued by the Federal authorities.
(b) There were public runs on the banks and currency drains from other banks demanding payments.
(c) The Great Depression proved to be an unbearable strain on the banking system.
(d) Foreign debtors demanded the full repayment of loands.