5 Written Questions
5 Matching Questions
- Double Digit Inflation
- Business Cycle
- Gresham's Law
- a A wafer or disk of precious metal
- b Bad money drives good money out of circulation. People hoard good money and trade with legally overvalued money.
- c Prices increases rising at 10 to 99 percent per year due to inflation
- d Prosperity followed by recession followed by prosperity followed by recession, and so forth.
- e Almost nothing is free, someone must pay for it
5 Multiple Choice Questions
- A government program for giving away money or goods, usually to poor people
- The desire to hold money rather than trade it.
- When prices rise rapidly, every few hours.
- An increase in the amount of money which causes the money to lose value, so the prices rise
- The speed at which money changes hands.
5 True/False Questions
Fine Silver → Legal tender money
Base Metal → Today, it is paper money. Originally, it was an IOU from a bank
Legal Tender Law → Legal tender money
Hallmark → A one-ounce ingot of silver
Law of Economics → A disk of base metal which can be used as a substitute for a coin