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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 is a fractional money system?

2. What did the Federal Reserve System help banks to do?

3. What do many people feel was the real reason behind the establishment of the Federal Reserve?

4. During which president's administration were policies that were a hybrid of socialism and capitalism developed?

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

Short Essay Questions

1. According to Chapter 3, how did the government help the Lockheed Corporation?

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

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

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

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

6. In Chapter 2, why did banks make risky loans?

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

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

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

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

Essay Topics

Write an essay for ONE of the following topics:

Essay Topic 1

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?

Essay Topic 2

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 3

When was the first central bank in the United States established? After what historic event was the bank disbanded? What were the views of Alexander Hamilton and Thomas Jefferson about the concept of a central bank? What type of banks developed as the new country expanded?

(see the answer keys)

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