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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. When was the first central bank founded in the US?

2. What country was formed after the second Russian revolution?

3. Early banks were supported by what monetary system?

4. What culture first developed the modern equivalent of the banking industry?

5. What was the real cause of the Great Depression of the 1930s?

Short Essay Questions

1. According to Chapter 12, what event sparked the conflicts that led to World War I?

2. According to Chapter 20, what was the economic outlook in the U.S. following the Civil War?

3. According to Chapter 18, what impact did stable banking practices have?

4. According to Chapter 24, what decade marked the beginning of a tremendous surge in U.S. debt?

5. In Chapter 9, what restrictions were placed on the Bank of Amsterdam which was established in 1609?

6. According to Chapter 21, what system was in control of the economy before the Federal Reserve System was established?

7. According to Chapter 19, what were the causes of the Civil War?

8. According to Chapter 15, why was the use of fiat money disallowed in the United States?

9. According to Chapter 25, what two social classes does the author predict for the future?

10. In Chapter 23, what was the real cause of the Great Depression of the 1930s?

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 the Savings & Loan Crisis of the 1980s? How did the crisis develop? What role did the Federal Reserve play? What did the Congress force the S&Ls to do?

Essay Topic 3

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?

(see the answer keys)

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