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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 the Fabian plan?

2. What did the issuance of the first paper money lead to?

3. What redistribution of wealth occurred as a result of the establishment of the IMF and the World Bank?

4. Why did banks ask for interest-only payments?

5. What impact does deflation have on individuals who are repaying loans?

Short Essay Questions

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

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

3. In Chapter 3, what was the result of the 1970 Penn Central Railroad bailout?

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

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

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

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

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

9. According to Chapter 2, how did people react to the creation of new 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 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

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 sinking of the Lusitania. Who conspired to lure German U-Boats to sink it? What impact did the attack on the ship have? How many people died in the attack?

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