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This quiz consists of 5 multiple choice and 5 short answer questions through Chapter 8, Who Protects the Worker?.

Multiple Choice Questions

1. When the Fed sells bonds:
(a) the banks can make more loans
(b) the economy experiences inflation
(c) depositors see a decline in their bank accounts
(d) the monetary reserves of the banking system decrease

2. Equality of outcomes is related to:
(a) rights to open a business
(b) right to own property
(c) education
(d) fairness or fair shares

3. The Federal Reserve Act was legislated in:
(a) 1908
(b) 1909
(c) 1929
(d) 1913

4. Union high wages are usually at the expense of:
(a) all workers
(b) other workers
(c) no one
(d) other union members

5. Equality before God means:
(a) personal equality
(b) the right to do whatever one wants
(c) total freedom
(d) the right to an equal income

Short Answer Questions

1. A coordinated restriction of payments by banks is used:

2. The United States banking system is:

3. Equality before the law refers to all but:

4. Which bank failure precipitated the banking crisis of 1930?

5. When did the concepts of equality before God and the law begin to come closer together?

(see the answer key)

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