← Penny Candy Vocab Test
5 Written Questions
5 Matching Questions
- Law of Economics
- Gresham's Law
- Legal Tender Law
- a A one-ounce ingot of silver
- b A law which provides for the punishment of anyone who refuses to accept the legal tender money
- c Bad money drives good money out of circulation. People hoard good money and trade with legally overvalued money.
- d An increase in the amount of money which causes the money to lose value, so the prices rise
- e An unchanging fact of life which deals with production and distribution of wealth.
5 Multiple Choice Questions
- The most easily traded thing in a society
- A wafer or disk of precious metal
- Prosperity followed by recession followed by prosperity followed by recession, and so forth.
- The speed at which money changes hands.
- The correction period following an inflation.
5 True/False Questions
Fine Silver → Legal tender money
Counterfeiting → To make something that is fake or phonylly overvalued money.
Hallmark → A one-ounce ingot of silver
Deflation → An increase in the amount of money which causes the money to lose value, so the prices rise
Tanstaafl → Almost nothing is free, someone must pay for it