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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 U.S. president removed the gold standard from the US dollar?

2. Why was platinum not used to back the monetary system?

3. What did the author feel was the ultimate goal in establishing the IMF and the World Bank?

4. What resulted when paper money was not backed with gold or silver?

5. How did the development of paper money begin?

Short Essay Questions

1. According to Chapter 5, what country contributed the largest investment in the IMF?

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

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

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

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

6. According to Chapter 7, how did modern monetary systems originate historically?

7. In Chapter 1, how is a "currency drain" defined?

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

9. In Chapter 4, how was the employment picture beginning to change?

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

Essay Topics

Write an essay for ONE of the following topics:

Essay Topic 1

Where was the Federal Reserve developed? Who was the leader at the meeting where the Federal Reserve was developed. What is the author's overall opinion for the real reasons for the Reserve and what impact it has had on the US economy?

Essay Topic 2

The U.S. economy began a bust-boom cycle following what historic event? Discuss the reasons for the bust-boom cycle and how it impacts the economy. What individuals were benefited by these cycles?

Essay Topic 3

Discuss how monetary systems originated? What were the first commodities that were traded? What ancient culture was the first to establish a monetary system based on precious metals? What type of economic environment emerged from this system?

(see the answer keys)

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