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This quiz consists of 5 multiple choice and 5 short answer questions through Section VI. Time Travel into the Future, Chapters 24-26 Doomsday Mechanisms; A Pessimistic Scenario; A Realistic Scenario.

Multiple Choice Questions

1. Which European bank become the model for the Federal Reserve System?
(a) Bank One of Rome became the model for the Federal Reserve System.
(b) First Banc of France became the model for the Federal Reserve System
(c) The Bank of Madrid became the model for the Federal Reserve System.
(d) The Bank of England became the model for the Federal Reserve System.

2. What monetary system did the Constitution of the newly formed United States require?
(a) When the United States was formed, the Constitution required a fractional money system.
(b) When the United States was formed, the Constitution required a paper currency system.
(c) When the United States was formed, the Constitution required gold-backed money.
(d) When the United States was formed, the Constitution required that all precious metal be in the control of the government.

3. Early banks were supported by what monetary system?
(a) Sometimes the banks were on a gold system, but most were backed by other commodities.
(b) Sometimes the banks were on a gold system, but most often they went to a silver-backed money system.
(c) Sometimes the banks were on a gold system, but most often they went to a fiat money system.
(d) Sometimes the banks were on a gold system, but most often they were backed by their governments.

4. What impacted housing prices in the Midwest states?
(a) Housing prices declined because of poor construction standards in the area.
(b) House prices declined because homeowners due to the region's lack of good school systems.
(c) The Rust Belt area of the country was not considered a desirable place in which to live.
(d) The depression in the rust belt that included northern Midwestern states such as Michigan, Ohio and Pennsylvania reduced the number of potential home buyers which in turn depressed housing prices in those areas.

5. What restricted the the states from using fiat money?
(a) The Federal Reserve specifically restricted the use of fiat money by the states.
(b) The Constitution specifically restricted the use of fiat money by the states.
(c) The US Congress specifically restricted the use of fiat money by the states.
(d) The International Monetary Fund specifically restricted the use of fiat money by the states.

Short Answer Questions

1. What resulted when paper money was not backed with gold or silver?

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

3. What document did the author provide to support the idea of a conspiracy to destroy the U.S. economy?

4. What did the author feel was the ultimate goal in establishing the IMF and the World Bank?

5. When did governmental typically find it necessary to print more paper money?

(see the answer key)

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