chap15 - Macroeconomics,3e(Williamson) Chapter15 Money,...

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  Macroeconomics, 3e  (Williamson)  Chapter 15   
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Money,  Inflation,  and Banking
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1) 
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Problems  with the use of commodity money include all of the following  except  that  A) 
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it must be  redeemable in gold.  B) 
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there is an  opportunity of fraud in the production of commodity money.  C) 
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bits could be  clipped off coins and melted down without detection.  D) 
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it carries a high  opportunity cost because the commodity is diverted from other uses.   Answer:  
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Question Status:  
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Previous Edition 2) 
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Circulatin g private bank notes  A) 
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have never been  used in the United States.  B) 
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were widely  used in the Free Banking Era.  C) 
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were widely  used in the United States during the Great Depression.  D) 
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are still  currently in use in Canada.  Answer:  
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Question Status:  
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Previous Edition 3) 
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A system  that uses commodity - backed paper currency is most like a system that  A) 
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uses circulating  private bank notes.  B) 
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uses fiat money.  C) 
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primarily relies  on transaction deposits at banks.  D) 
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uses commodity  money.  Answer:  
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Question Status:  
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Previous Edition 4) 
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In U.S.  history, use of a commodity - backed paper currency is associated with the  A) 
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Free Banking  Era.  B) 
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Confederacy  during the Civil War.  C) 
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gold standard.  D) 
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Bretton Woods  Agreement.  Answer:  
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Question Status:  
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This note was uploaded on 08/27/2011 for the course ECON 101 taught by Professor Dumbass during the Spring '08 term at UCSB.

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chap15 - Macroeconomics,3e(Williamson) Chapter15 Money,...

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