| A | B |
|---|
| What "commodity" was brought into the American colonies through the tiangular trade? | slaves |
| A monetary standard is used | to maintain the value of a money supply |
| When it comes to modern money, all of the following apply EXCEPT | it is very srable in vlue |
| Federal reserve notes are | inconvertible fiat money |
| The FDIC was established to | protect the svings of the americsn people |
| popular currencies during the 1800s included all of the following EXCEPT | Federal Reserve notes |
| A moneyless society that relies on trade is an economy based on | the barter system |
| Money that has an alternative use is | commodity money |
| A dual banking system is one in which banks | can obtain their charter from either the state or the federal government |
| Local banks in the 1800s that printed too much money were called | wildcat banks |
| Greenbacks were a form of | fiat money |
| Federal deposit insurance | was not available during the early years of the Depression |
| Which of the following institutions appear in the correct historical (chronological) sequence? | wildcat banks, the National Banking System, the Fed |
| In the 1970s, the two main groups demanding deregulation and a "level playing field" were the | S&Ls and commercial banks |
| The gold standard used in America remained in force until the | 1930s |
| The Gold Reserve Act required individuals to | turn their gold and gold certificates over to the federal government |
| As a result of the financial institution crisis of the 1980s, S&Ls are now insured by | the FDIC |
| The first Secretary of the Treasury of the United States was | Alexander Hamilton |
| According to the Constitution, states are forbidden to | coin money |
| Providing home-building funds was the original purpose of | savings and loan associations |
| Tax is regressive when it | imposes a higher percentage rate on low incomes |
| The three major federal taxes are | individual income, FICA, and corporate income taxes |
| John earns $10,000 annually and pays a tax of $200. Mary earns $100,000 during the same period and pays taxes of $800. The tax that they both paid was? | regressive |
| Which of the following is NOT an impact of a large federal debt? | lower interest rates |
| The level of government with primary responsibility for financing elementary and secondary education is | local |
| Brandon had $5,000 in his saving account when his bank declared bankruptcy. Which of the following is true? | Brandon's savings will be protected by the FDIC |
