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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 was the location of the meeting where the concept of the Federal Reserve was developed?
(a) The concept of the Federal Reserve was developed in the Hawaiin Islands.
(b) The concept of the Federal Reserve was developed on Alcatraz Island.
(c) The concept of the Federal Reserve was developed on Jekyll Island.
(d) The concept of the Federal Reserve was developed on Long Island.

2. Many people feel that the economic system has been rigged to favor what group of people?
(a) People have realized, at least a little bit, that our economic system had been rigged somewhere in the past to favor the rich by stealing from the government revenues.
(b) People have realized, at least a little bit, that our economic system had been rigged somewhere in the past to favor the poor by stealing from the rich and middle classes.
(c) People have realized, at least a little bit, that our economic system had been rigged somewhere in the past to favor the middle classes by stealing from the rich and poor classes.
(d) People have realized, at least a little bit, that our economic system had been rigged somewhere in the past to favor the rich by stealing from the poor and middle classes.

3. What redistribution of wealth occurred as a result of the establishment of the IMF and the World Bank?
(a) It was an effective means of redistributing wealth from the middle class to the rich.
(b) It was an effective means of redistributing wealth to the rich to the middle class.
(c) It was an effective means of redistributing wealth to the rich nations.
(d) It was an effective means of redistributing wealth from rich to poor nations.

4. What importance does political ideology have on the nationalization of banks?
(a) The Congressional chairman of the Banking Committee influences support for nationalization.
(b) Political lobbyists for banks have great influence on their nationalization.
(c) The nationalization of banks is such a strong part of the overall economy that political ideology did not matter.
(d) Liberal ideologues have the great influence on bank legislation.

5. How did poor regulation contribute to the Savings and Loan crisis of the 1980s?
(a) Government regulations allowed S&Ls to file individual bankruptcies.
(b) Government regulations allowed S&Ls did not require them to repay their debtors in full.
(c) Government regulations allowed S&Ls to hoard money to increase their cash flow.
(d) Government regulations allowed S&Ls to claim assets that had no value, such as community good will toward them, and encouraged bad lending practices to increase home ownership.

Short Answer Questions

1. What countries did the author point to as failures of the IMF and World Bank?

2. What do some feel was the reason for establishing the Federal Reserve?

3. What action was taken by the Federal Reserve during the 1980s S&L crisis?

4. How do conspiracy theorists strengthen their stands?

5. The banking system before the Federal Reserve System allowed banks to lend out what percentage of money against one percent in deposits.

Short Essay Questions

1. According to Chapter 4, when did Americans become interested in socialism?

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

3. According to Chapter 2, what is the Federal Deposit Insurance Corporation?

4. In Chapter 1, how is a "currency drain" defined?

5. According to Chapter 4, what presidential action may have contributed to the economic woes?

6. In Chapter 4, how was the employment picture beginning to change?

7. In Chapter 7, what impact did the Greek currency system have on the economy?

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

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

10. In Chapter 6, why did all nations, in the author's opinion, become socialistic in the New World Order?

(see the answer keys)

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