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This test consists of 5 multiple choice questions, 5 short answer questions, and 10 short essay questions.

Multiple Choice Questions

1. What city became a major part of the welfare state in 1975?
(a) Atlanta became a major part of the welfare state in 1975 via Federal government bailouts.
(b) New York City became a major part of the welfare state in 1975 via Federal government bailouts.
(c) Los Angeles became a major part of the welfare state in 1975 via Federal government bailouts.
(d) Chicago became a major part of the welfare state in 1975 via Federal government bailouts.

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

3. What impact did the Greek currency system have on the economy?
(a) The Greek currency system led to other cultures creating similar systems.
(b) The Greek currency system led to a stable economy.
(c) The Greek currency system had no effect on the economy.
(d) The Greek currency system led to an unstable economy.

4. Since its inception in 1910, the Federal Reserve had made what decisions about bank bailouts?
(a) Since its inception in 1910, the Federal Reserve had decided that large banks would be the only banks to get bailouts.
(b) Since its inception in 1910, the Federal Reserve had decided that medium-sized banks would get the majority of bailouts.
(c) Since its inception in 1910, the Federal Reserve had decided that large banks would get bailouts, medium-sized banks would get some bailouts, and small banks would be left to fail or be acquired by larger banks.
(d) Since its inception in 1910, the Federal Reserve had decided that large banks would get bailouts only if they could prove they had complied with all regulations.

5. If the debtors stopped paying banks altogether, what action would the Federal Reserve System take?
(a) If the debtors stopped paying altogether, the Federal Reserve System gave the banks more money.
(b) If the debtors stopped paying altogether, the Federal Reserve System filed suit in Federal Court.
(c) If the debtors stopped paying altogether, the Federal Reserve System fined them.
(d) If the debtors stopped paying altogether, the Federal Reserve System refused to back the bad debt.

Short Answer Questions

1. Why were S&Ls popular with those seeking loans in the 1980s?

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

3. What U.S. president removed the gold standard from the US dollar?

4. What was the main argument in favor of nationalizing banks?

5. When were the International Monetary Fund and World Bank established?

Short Essay Questions

1. According to Chapter 5, what US president abandoned the gold standard from the US dollar?

2. In Chapter 2, what was the main cause of the economic meltdown in 2008?

3. According to Chapter 1, where did the idea for the Federal Reserve System originate?

4. According to Chapter 3, how did the government help the Lockheed Corporation?

5. In Chapter 2, how did the banks make their money?

6. In Chapter 4, what factdors may have contributed to the problems of the S&Ls in the 1980s?

7. According to Chapter 2, how did people react to the creation of new money?

8. In Chapter 1, how is a "public run" defined?

9. In Chapter 8, how did the development of paper money begin?

10. According to Chapter 7, what culture was the first to create a currency system based on gold and silver?

(see the answer keys)

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