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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. What culture was the first to create a currency system based on gold and silver?

2. How was the nationalization of banks justified?

3. Why was housing becoming difficult to obtain in the 1980s?

4. Who does the Federal Reserve depend on to bail out the country in times of economic collapse?

5. What may have contributed to the problems of the S&Ls in the 1980s?

Short Essay Questions

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

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

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

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

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

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

7. According to Chapter 6, how did the new world order develop?

8. In Chapter 3, what is the first bailout that is covered in this book?

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

10. According to Chapter 1, what did over-lending by banks result in?

Essay Topics

Write an essay for ONE of the following topics:

Essay Topic 1

Where was the International Monetary Fund and the World Bank created and what was their stated purpose? What association did they have to the United Nations? What did the author feel was the real goal in establishing the IMF?

Essay Topic 2

Describe the author's overall theory about the Federal Reserve and how the U.S. economy and the public would be impacted if the Federal Reserve were to be abolished. How would businesses and banks be impacted?

Essay Topic 3

What did risky lending by banks lead to? How did the Federal Reserve support their poor practices? What was the Federal Deposit Insurance Corporation established for? In the author's opinion, what was the underlying reason for the FDIC?

(see the answer keys)

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