5 Written questions
5 Matching questions
- Double Digit Inflation
- a The speed at which money changes hands.
- b The correction period following an inflation.
- c Prices increases rising at 10 to 99 percent per year due to inflation
- d A wafer or disk of precious metal
- e A coin made of different metals.
5 Multiple choice questions
- A one-ounce ingot of silver
- Today, it is paper money. Originally, it was an IOU from a bank
- Almost nothing is free, someone must pay for it
- Reducing the value of a coin by reducing the amount of precious metal in it.
- A government program tax money away, usually to rich people or large companies
5 True/False questions
Clipping → Reducing the value of a coin by reducing the amount of precious metal in it.
Law of supply and demand → An unchanging fact of life which deals with production and distribution of wealth.
Law of Economics → Legal tender money
Base Metal → Today, it is paper money. Originally, it was an IOU from a bank
Inflation → An increase in the amount of money which causes the money to lose value, so the prices rise