Cards in this guide (23)
In what year was the first bank established in the United states
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
DID these methods calculates the final production of US citizens and firms including those that are located in foreign countries
If money supply growth exceeds the growth of the overall economy what will be the result
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
Which level of government is income tax imposed
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