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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. How did the development of paper money begin?

2. What is the definition of a public run on a bank?

3. What happened to many homeowners when the housing market bubble burst?

4. How is the Federal Reserve System reviewed in general?

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

Short Essay Questions

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

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

3. In Chapter 7, what impact did the Greek currency system have on the economy?

4. According to Chapter 7, what culture was the first to create a currency system based on gold and silver?

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

6. According to Chapter 3, what were some of the major organizations helped by government bailouts?

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

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

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

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

Essay Topics

Write an essay for ONE of the following topics:

Essay Topic 1

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?

Essay Topic 2

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?

Essay Topic 3

Where did the U.S. dollar originate from? What is the root source of the word "dollar?" What currency did the U.S. Congress adopt in 1785? What problems existed with the early gold standard that was used to back the monetary system?

(see the answer keys)

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