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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 was the location of the meeting where the concept of the Federal Reserve was developed?

2. When were the International Monetary Fund and World Bank established?

3. After analysis, what was the real nature of the S&L system?

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

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

Short Essay Questions

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

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

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

4. According to Chapter 3, the nationalization of banks is more likely to occur under conservative or liberal administrations?

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

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

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

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

9. In Chapter 8, what did the issuance of the first paper money lead to?

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

Essay Topics

Write an essay for ONE of the following topics:

Essay Topic 1

Discuss the historic reasons for the Civil War. According to the author, what were some of the real reasons behind the war? What role did foreign interests play in the war?

Essay Topic 2

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?

Essay Topic 3

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?

(see the answer keys)

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