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This quiz consists of 5 multiple choice and 5 short answer questions through Section II. A Crash Course on Money, Chapters 7-8 The Barbaric Metal; Fool's Gold.

Multiple Choice Questions

1. What is the definition of a public run on a bank?
(a) A public run is when the government puts a bank up for sale.
(b) A public run occurs when a bank runs out of cash.
(c) A public run occurs when the Federal government takes ownership of a bank.
(d) A public run was when many depositors demanded their cash from a bank and wiped out the bank's reserves.

2. Conspiracy theorists connected the potential of world socialism to what organization?
(a) This conspiracy theory encompassed the entire world by connecting the IMF with socialism.
(b) This conspiracy theory encompassed the entire world by connecting the World Bank with socialism.
(c) This conspiracy theory encompassed the entire world by connecting the Federal Reserve with socialism.
(d) This conspiracy theory encompassed the entire world by connecting the United Nations with socialism.

3. What is the Fabian plan?
(a) The Fabian plan had to do with making the world one big socialized government.
(b) The Fabian plan had to do with making the world a world without political .
(c) The Fabian plan involved making the entire world a capitalistic society.
(d) The Fabian plan had to do with making the world one big democracy.

4. What monetary system did the Constitution of the newly formed United States require?
(a) When the United States was formed, the Constitution required gold-backed money.
(b) When the United States was formed, the Constitution required a paper currency system.
(c) When the United States was formed, the Constitution required that all precious metal be in the control of the government.
(d) When the United States was formed, the Constitution required a fractional money system.

5. What importance does political ideology have on the nationalization of banks?
(a) Political lobbyists for banks have great influence on their nationalization.
(b) Liberal ideologues have the great influence on bank legislation.
(c) The nationalization of banks is such a strong part of the overall economy that political ideology did not matter.
(d) The Congressional chairman of the Banking Committee influences support for nationalization.

Short Answer Questions

1. What is the true function of the FDIC?

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

3. Why was gold considered the ideal metal behind a monetary system?

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

5. When the entire banking system failed, what did the Federal government turn to to bolster the failed back up system?

(see the answer key)

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