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Question 23

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Money that has an alternative use as an economic good is

Select one:

a. commodity money.

b. fiat money.

c. specie.

d. wampum.

Question 24

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The FDIC was established to

Select one:

a. create a government banking monopoly.

b. protect the savings of the American people.

c. help with the financing of World War II.

d. federalize the banking system.

Question 25

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The problem with Continental dollars, which were printed during the Revolutionary War, was that

Select one:

a. they were backed by gold and not silver.

b. they were fiat money.

c. they were backed by individual states.

d. so much was printed they became nearly worthless.

Question 26

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When money is easily transferred from one person to another, it is said to be

Select one:

a. accepted.

b. portable.

c. divisible.

d. durable.

Question 27

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Which of the following will most likely happen if interest rates are raised?

Select one:

a. Fewer businesses and private citizens will apply for loans and there will be a general decrease in the money supply.

b. More private citizens and businesses will apply for loans.

c. Businesses will likely apply for more loans, while private citizens may or may not.

d. The money supply will expand