Define: Glass-Steagal, Gramm-Leach-Bliley.

Is a compulsory government-sponsored Social Security retirement annuity system as subject to adverse selection as a private insurance company that offers individual annuity contracts? Explain.

What is a depression and how it different from a deflation? What is the neutrality assumption, and how is it illustrated in the "monetary fables" discussed in class? What is the quantity theory of money?

Explain how new money works it way through the economy. Who benefits from inflation (if anyone)? What is money illusion? What is inflation as a tax?