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5 Written Questions

5 Matching Questions

  1. Double Digit Inflation
  2. Coin
  3. Business Cycle
  4. Tanstaafl
  5. Gresham's Law
  1. a A wafer or disk of precious metal
  2. b Bad money drives good money out of circulation. People hoard good money and trade with legally overvalued money.
  3. c Prices increases rising at 10 to 99 percent per year due to inflation
  4. d Prosperity followed by recession followed by prosperity followed by recession, and so forth.
  5. e Almost nothing is free, someone must pay for it

5 Multiple Choice Questions

  1. A government program for giving away money or goods, usually to poor people
  2. The desire to hold money rather than trade it.
  3. When prices rise rapidly, every few hours.
  4. An increase in the amount of money which causes the money to lose value, so the prices rise
  5. The speed at which money changes hands.

5 True/False Questions

  1. Fine SilverLegal tender money

          

  2. Base MetalToday, it is paper money. Originally, it was an IOU from a bank

          

  3. Legal Tender LawLegal tender money

          

  4. HallmarkA one-ounce ingot of silver

          

  5. Law of EconomicsA disk of base metal which can be used as a substitute for a coin

          

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