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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. What did communism become known as in the 1980s?
(a) What was called communism had its name changed to socialism, although the system worked exactly the same.
(b) What was called communism had its name changed to social capitalism, although the system worked exactly the same.
(c) What was called communism had its name changed to social democracy, although the system worked exactly the same.
(d) What was called communism had its name changed to fascism, although the system worked exactly the same.

2. What is laudable about the author's work?
(a) The author had majored in international economics.
(b) The author provided a clear and concise liberal viewpoint.
(c) The author did provide a convincing argument that our economic system had been broken at some time in the past.
(d) The author provided a clear and concise conservative viewpoint.

3. What importance does political ideology have on the nationalization of banks?
(a) Liberal ideologues have the great influence on bank legislation.
(b) Political lobbyists for banks have great influence on their nationalization.
(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.

4. What may have contributed to the problems of the S&Ls in the 1980s?
(a) Inflation was steady but the deficit was rapidly growing.
(b) Deflation was in the double-digits and real estate prices were going up rapidly.
(c) Inflation was in the double-digits and real estate prices were going up rapidly.
(d) Inflation was in the double-digits and real estate prices were going rapidly decreasing.

5. What impact does deflation have on individuals who are repaying loans?
(a) Deflation causes people to repay more value on loans during an economic downturn.
(b) Deflation causes people to repay more value on loans taken out during inflationary times.
(c) Deflation causes people to repay more value on loans taken out during a bear market.
(d) Deflation causes people to repay more value on loans taken out during a bull market.

Short Answer Questions

1. What financing was behind the second Russian revolution?

2. During which president's administration were policies that were a hybrid of socialism and capitalism developed?

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

4. What caused the economy to get into such a state that the government was compelled to bail out banks?

5. Who was the mastermind behind the Federal Reserve?

(see the answer key)

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