5 Written questions
5 Matching questions
- Gresham's Law
- Welfare Program
- a Reducing the value of a coin by reducing the amount of precious metal in it.
- b A one-ounce ingot of silver
- c Bad money drives good money out of circulation. People hoard good money and trade with legally overvalued money.
- d To make something that is fake or phonylly overvalued money.
- e A government program for giving away money or goods, usually to poor people
5 Multiple choice questions
- The purity of a precious metal
- Shaving the edges of a coin in order to get some of the precious metal from the coin
- A law which provides for the punishment of anyone who refuses to accept the legal tender money
- Prosperity followed by recession followed by prosperity followed by recession, and so forth.
- The beginning of a depression that never went all the way.
5 True/False questions
Coin → A wafer or disk of precious metal
Law of Economics → An unchanging fact of life which deals with production and distribution of wealth.
Reeding → Reducing the value of a coin by reducing the amount of precious metal in it.
Demand for Money → The desire to hold money rather than trade it.
Deflation → An increase in the amount of money which causes the money to lose value, so the prices rise