5 Written questions
5 Matching questions
- Business Cycle
- Legal Tender Law
- Double Digit Inflation
- a Prosperity followed by recession followed by prosperity followed by recession, and so forth.
- b An increase in the amount of money which causes the money to lose value, so the prices rise
- c Prices increases rising at 10 to 99 percent per year due to inflation
- d A law which provides for the punishment of anyone who refuses to accept the legal tender money
- e A decrease in the ammount of money.
5 Multiple choice questions
- Legal tender money
- An unchanging fact of life which deals with production and distribution of wealth.
- The correction period following an inflation.
- The notches on the edge of a coin
- The speed at which money changes hands.
5 True/False questions
Recession → The beginning of a depression that never went all the way.
Clipping → Shaving the edges of a coin in order to get some of the precious metal from the coin
Dollar → A one-ounce ingot of silver
Counterfeiting → The notches on the edge of a coin
Gresham's Law → Bad money drives good money out of circulation. People hoard good money and trade with legally overvalued money.