This quiz consists of 5 multiple choice and 5 short answer questions through Section IV. A Tale of Three Banks, Chapters 16-19 The Creature Comes to America; A Den of Vipers; Loaves and Fishes, and Civil War; Greenbacks and Other Crimes.

Multiple Choice Questions

1. What major banks failed in 1972?
(a) In 1972, First Bank of Michigan and New York Bank both failed.
(b) Unity Bank fell in 1972, as did the Commonwealth Bank of Detroit.
(c) In 1972, Bank of America and Citibank failed.
(d) First Bank of California and Wells Fargo Bank failed in 1972.

2. In what year was First Pennsylvania Bank bailed out?
(a) First Pennsylvania Bank was bailed out in 1972.
(b) First Pennsylvania Bank was bailed out in 1980.
(c) First Pennsylvania Bank was bailed out in 1973.
(d) First Pennsylvania Bank was bailed out in 1975.

3. What is the fundamental basis of capitalism?
(a) The main idea behind capitalism was making money and hoarding cash.
(b) The main idea behind capitalism was investment and return on investment.
(c) The main idea behind capitalism was making investments in foreign interests.
(d) The main idea behind capitalism was providing welfare to the less fortunate.

4. Early banks were supported by what monetary system?
(a) Sometimes the banks were on a gold system, but most often they went to a fiat money system.
(b) Sometimes the banks were on a gold system, but most often they went to a silver-backed money system.
(c) Sometimes the banks were on a gold system, but most often they were backed by their governments.
(d) Sometimes the banks were on a gold system, but most were backed by other commodities.

5. What was the main cause of the economic meltdown in 2008?
(a) Toxic assets, also known as mortgages and loans were the main cause for the 2008 economic meltdown.
(b) The US deficit was the main cause for the 2008 economic meltdown.
(c) An unstable world economy was the main cause for the 2008 economic meltdown.
(d) The lack of Congressional legislation was the main cause for the 2008 economic meltdown.