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Van Von

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Cards in this guide (23)
In what year was the first bank established in the United states

1791

Which of the following most accurately explain why commodity money has value

Commodity money is a good that can be used as a medium of exchange or for some other purpose.

Why is the willingness to pay more for goods and services destructive to the nation's economy

it drives up prices and causes money to loss value.

Which of these does not describe representative money

it only has value because the government says it does

Which of these was not brought about by the passage of the National Bank Acts of 1863 and 1864

the creation of a centralixed bank of the United States

Which of these was created from the Glass-Steagall Act of 1933 after the Great Depression

Federal Deposit Insurance Corporation

Which of these led to the Panic of 1907

an increase in bank runs due to a lack of confidence in the banking system

Why is deflation destructive to the nation's economy

Not enough money is spent to keep business activity moving

Which of these does not accurately describe the Free Banking Era

The number of banks grew rapidly,but many failed

The U.S. economy experience a period of rapid growth and prosperity. (A+)

-Hailey

What effect do open market operations have on the Federal Reserve

they allow the Fed to change the nation's money supply to its most ideal level

Which president formally changed the US dollar to a fiat currency

This occurred when Lyndon Johnson was president. John Kennedy took preliminary steps.

What form of money has value only because the government says it does

representative money (A+)

-Emmy aka Hello Kitty

Fiat Money (A+)

-Hailey

What would happen if it was legal for citizens to print and coin money

Money would have very little value

What does the Federal Deposit Insurance Corporation do

It acts as an insurer of bank customer deposits. A+

Which economist believed that the division of labor could cause workers to become generally more ignorant

Adam Smith.

DID these methods calculates the final production of US citizens and firms including those that are located in foreign countries

black people

If money supply growth exceeds the growth of the overall economy what will be the result

inflation

The Panic of 1907 was casued by what

The panic of 1907 was called by a financial crisis that began at the beginning of the twentieth century.

What is the term for the federal reserves buying and selling of US treasury bonds

fiscal policy

Which level of government is income tax imposed

Federal and State

What literary term is used in the underlined portion of this passage from Romeo and Juliet Juliet is the sun!

This would be a direct metaphor because of the use of "is"

What led to the demise of the second bank of the United states

controversy over corruption and political opposition

How long did the charter for the First Bank of the United states last

20 years

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