|Name: _________________________||Period: ___________________|
This quiz consists of 5 multiple choice and 5 short answer questions through The Obliteration of Capitalism.
Multiple Choice Questions
1. Money functions as a __________ in transactions.
(a) Common denominator.
(b) Similar currency.
(c) Easy standard.
(d) National linkage.
2. What is the goal of the creation of the Federal Reserve System?
(a) To create a national savings account.
(b) To ease temporary reserve shortages.
(c) To create a spending account for the military.
(d) To limit the amount of currency in circulation.
3. To function as a medium of exchange, an item must be durable and what?
4. According to Rand, capitalism is based on what?
(a) Government interference.
(c) Altruistic principles.
(d) Open borders.
5. The existence of money allows people to avoid the problems of ______.
Short Answer Questions
1. In a gold-standard system, gold will flow from a low-interest-rate country to where?
2. The government established by the Founding Fathers is based on theories that began with whom?
3. In the U.S., the economic system isn't a pure capitalist system but is what?
4. When does the gold standard cease to exist?
5. What are the two most common metals used as a medium of exchange?
This section contains 235 words
(approx. 1 page at 300 words per page)