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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. How did the development of paper money begin?

2. In what year was First Pennsylvania Bank bailed out?

3. How did poor regulation contribute to the Savings and Loan crisis of the 1980s?

4. What events cause deflation?

5. Why did all nations become socialistic in the New World Order?

Short Essay Questions

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

2. According to Chapter 1, what was the main purpose of the Federal Reserve System?

3. According to Chapter 5, what was the relationship between the UN and the World Bank and IMF?

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

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

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

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

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

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

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

Essay Topics

Write an essay for ONE of the following topics:

Essay Topic 1

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 2

When did the U.S. debt begin to increase at a tremendous rate? By what standard was the U.S. debt measured from that time on? What did some people feel was behind the enormous debt that was facing America?

Essay Topic 3

Discuss government bailouts that started in the early 1970s. What happened to these early companies that the government rescued? What types of entities did the government bail out?

(see the answer keys)

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