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

2. What two social classes does the author predict for the future?
(a) Only two classes of people would exist--the rich and the poor.
(b) Only two classes of people would exist--the rich and the middle class.
(c) Only two classes of people would exist--the ruling class and those ruled by it.
(d) Only two classes of people would exist--the middle class and the poor.

3. How many revolutions did Russia actually undergo?
(a) Russia went through five revolutions.
(b) Russia went through seven revolutions.
(c) Russia went through three revolutions.
(d) Russia went through two revolutions.

4. What decade marked the beginning of a tremendous surge in U.S. debt?
(a) The U.S. grew its debt tremendously since 1950.
(b) The U.S. grew its debt tremendously since 1910.
(c) The U.S. grew its debt tremendously since 1930.
(d) The U.S. grew its debt tremendously since 1960.

5. What portion of the U.S. debt did a large portion of the tax dollar pay for?
(a) The U.S. debt continued to grow with a large portion of tax dollar going to US war efforts.
(b) The U.S. debt continued to grow with a large portion of tax dollar going into paying only the interest on the debt.
(c) The U.S. debt continued to grow with a large portion of tax dollar going to entitlement programs.
(d) The U.S. debt continued to grow with a large portion of tax dollar going into paying the principal on the debt.

Short Answer Questions

1. How were German U-boats successful in World War I?

2. What were the additional goals after the Federal Reserve was established in 1910?

3. After the 1950s, what was the standard of measure used to estimate the US debt?

4. How did governments devalue currency in fiat money systems?

5. Why did governments favor banks based on a fiat money system?

Short Essay Questions

1. According to Chapter 13, what was really behind the Russian Bolshevik Revolution?

2. According to Chapter 10, what is the basic structure of the US monetary system?

3. In Chapter 12, what were the sales of English and French war bonds used for?

4. According to Chapter 18, what impact did stable banking practices have?

5. According to Chapter 11, what is the Rothschild Formula?

6. In Chapter 16, when was the first central bank founded in the US?

7. According to Chapter 17, what dispute did President Andrew Jackson have with the leader of The Second Bank?

8. According to Chapter 24, what decade marked the beginning of a tremendous surge in U.S. debt?

9. According to Chapter 21, what system was in control of the economy before the Federal Reserve System was established?

10. In Chapter 9, what restrictions were placed on the Bank of Amsterdam which was established in 1609?

(see the answer keys)

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