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This test consists of 5 short answer questions, 10 short essay questions, and 1 (of 3) essay topics.

Short Answer Questions

1. Some tactics include cherry-picking examples while oversimplifying causes.

2. What happened when a debtor defaulted on a loan?

3. What resulted from the 1970 Penn Central Railroad bailout?

4. What occurred when coinage was weakened through lower percentages of precious metal or completing stripped of such backing?

5. Why did banks ask for interest-only payments?

Short Essay Questions

1. According to Chapter 3, what were some of the major organizations helped by government bailouts?

2. According to Chapter 5, what resulted from the removal of the gold standard?

3. According to Chapter 4, what caused the Savings & Loan crisis of the 1980s?

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

5. According to Chapter 1, what were banks allowed to lend prior to the establishment of the Federal Reserve System?

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

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

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

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

10. In Chapter 3, what occurred when Congress stepped in during the S&L crisis?

Essay Topics

Write an essay for ONE of the following topics:

Essay Topic 1

Who did President Andrew Jackson spar with over The Second Bank? What was the outcome of that disagreement? What occurred after the Second Bank of the United States folded?

Essay Topic 2

Discuss the process of passing legislation to establish the Federal Reserve? What were the obstacles and drawbacks? When was the Federal Reserve Act finally passed? What type of language was used in writing the bill?

Essay Topic 3

Describe the sinking of the Lusitania. Who conspired to lure German U-Boats to sink it? What impact did the attack on the ship have? How many people died in the attack?

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