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This test consists of 5 multiple choice questions, 5 short answer questions, and 10 short essay questions.

Multiple Choice Questions

1. What happened to many homeowners when the housing market bubble burst?
(a) Many homeowners had to take out second mortgages on their properties.
(b) Many homeowners were forced into foreclosure.
(c) Suddenly people owed more money on their properties than they were worth.
(d) Suddenly people owed more money on their properties than they did when they took out the loan.

2. What was the location of the meeting where the concept of the Federal Reserve was developed?
(a) The concept of the Federal Reserve was developed in the Hawaiin Islands.
(b) The concept of the Federal Reserve was developed on Long Island.
(c) The concept of the Federal Reserve was developed on Jekyll Island.
(d) The concept of the Federal Reserve was developed on Alcatraz Island.

3. This conspiracy theory about the Federal Reserve pointed the finger at the meeting on Jekyll Island that occurred in 1910.
(a) The conspiracy theory surrounding the Federal Reserve was thought to have originated at the 1904 World's Fair.
(b) The conspiracy theory surrounding the Federal Reserve was thought to be hatched at the 1910 Jekyll Island meeting.
(c) The conspiracy theory surrounding the Federal Reserve was thought to have originated during the Great Depression.
(d) The conspiracy theory surrounding the Federal Reserve was thought to have originated during FDR's administration.

4. How did the New World Order develop?
(a) The New World Order was an outgrowth of the international events that led to the defeat of the Axis powers in World War II.
(b) The New World Order was an outgrowth of the international events that led up to the fall of Nazism, specifically the defeat of Nazi Germany.
(c) The New World Order was an outgrowth of the international events that led up to the fall of Communism, specifically the dissolution of the USSR.
(d) The New World Order was an outgrowth of the international events that led up to the Great Depression of 1929.

5. What country contributed the largest investment in the IMF?
(a) Member nations contributed to the IMF, with the Soviet Union giving the most.
(b) Member nations contributed to the IMF, with England giving the most.
(c) Member nations contributed to the IMF, with the European Union giving the most.
(d) Member nations contributed to the IMF, with the US giving the most.

Short Answer Questions

1. How did the development of paper money begin?

2. What new way of home ownership emerged in the 1980s?

3. What happened when a debtor defaulted on a loan?

4. What is the Fabian plan?

5. What risky loan activities have banks participated in?

Short Essay Questions

1. In Chapter 3, what is the first bailout that is covered in this book?

2. According to Chapter 1, what were banks allowed to lend prior to the establishment of the Federal Reserve System?

3. In Chapter 2, how did the author characterize the problems with the banking system?

4. According to Chapter 5, what US president abandoned the gold standard from the US dollar?

5. In Chapter 8, what did the issuance of the first paper money lead to?

6. According to Chapter 4, what presidential action may have contributed to the economic woes?

7. According to Chapter 3, what was the result of the first electronic run on banks in 1983?

8. In Chapter 6, why did all nations, in the author's opinion, become socialistic in the New World Order?

9. According to Chapter 7, how did modern monetary systems originate historically?

10. In Chapter 3, what was the result of the 1970 Penn Central Railroad bailout?

(see the answer keys)

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