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5 Written questions

5 Matching questions

  1. Counterfeiting
  2. Gresham's Law
  3. Debasing
  4. Welfare Program
  5. Dollar
  1. a Reducing the value of a coin by reducing the amount of precious metal in it.
  2. b A one-ounce ingot of silver
  3. c Bad money drives good money out of circulation. People hoard good money and trade with legally overvalued money.
  4. d To make something that is fake or phonylly overvalued money.
  5. e A government program for giving away money or goods, usually to poor people

5 Multiple choice questions

  1. The purity of a precious metal
  2. Shaving the edges of a coin in order to get some of the precious metal from the coin
  3. A law which provides for the punishment of anyone who refuses to accept the legal tender money
  4. Prosperity followed by recession followed by prosperity followed by recession, and so forth.
  5. The beginning of a depression that never went all the way.

5 True/False questions

  1. CoinA wafer or disk of precious metal


  2. Law of EconomicsAn unchanging fact of life which deals with production and distribution of wealth.


  3. ReedingReducing the value of a coin by reducing the amount of precious metal in it.


  4. Demand for MoneyThe desire to hold money rather than trade it.


  5. DeflationAn increase in the amount of money which causes the money to lose value, so the prices rise


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