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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. Prior to the establishment of the Federal Reserves, what caused massive bank failures?

2. What was the main cause of the economic meltdown in 2008?

3. How does a currency drain occur within the banking system?

4. What happened when Congress stepped in during the S&L crisis?

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

Short Essay Questions

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

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

3. According to Chapter 7, What can result when paper money is not backed with gold or silver?

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

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

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

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

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

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

10. In Chapter 2, how did the author characterize the problems with the banking system?

Essay Topics

Write an essay for ONE of the following topics:

Essay Topic 1

What event is usually blamed for the Great Depression? What were underlying reasons for the Great Depression? Why were Americans drawn to socialism during this crisis? What finally ended the Depression?

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 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?

(see the answer keys)

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