Which is considered fiat money? (a) Greenbacks (b) Gold coins (c) Silver dollars (d) Silver certificates ANSWER (a)
Date: September 10th, 2020
There is evidence to suggest that slaves were commonly sold and families were often separated. Indicate whether the statement is true or false ANSWER TRUE
Date: September 10th, 2020
According to the Quantity Theory of Money, the excessive printing of currency (the issuance of greenbacks and national bank notes) generated the post-Civil War increases in (a) productivity. (b) prices. (c) production. (d) rising real wages and incomes for all individuals. ANSWER (b)
Date: September 10th, 2020
Most surveyed economists support Fogel and Engerman’s (1974) position that plantation owners were largely rational and treated slaves in their best profit interest. Indicate whether the statement is true or false ANSWER FALSE
Date: September 10th, 2020
Under the bimetallic system, when did the U.S. experience a depletion in its reserve species? (a) When imports exceeded exports (b) When exports exceeded imports (c) When the U.S. closed its borders to all international trade (d) When the trading partners of the U.S. refused all U.S. imports ANSWER (a)
Date: September 10th, 2020
Contrary to Fogel and Engerman’s (1974) claim, most surveyed economists believed that slavery was on the verge of extinction on the eve of the Civil War. Indicate whether the statement is true or false ANSWER TRUE
Date: September 10th, 2020
Prior to the establishment of the Federal Reserve System (1913), reserve requirements (a) limited the banks’ ability to lend. (b) did not restrict the amount of paper-money issued by banks. (c) freed banks to create as much money as the market could bear without regard for risk and withdrawal rates. (d) forced banks to place […]
Date: September 10th, 2020
Stampp (1976) finds evidence to suggest that the Southern slave owners were operating at losses, not profits. Indicate whether the statement is true or false ANSWER FALSE
Date: September 10th, 2020
On the eve of the Civil War, cotton was the major crop in the Old South. Indicate whether the statement is true or false ANSWER FALSE
Date: September 10th, 2020
Banking failures result when (a) banks do not hold 100 percent of their customers’ deposits in their vaults. (b) banks make loans. (c) bank withdrawals exceed their reserves. (d) all of the above occur. ANSWER (c)
Date: September 10th, 2020
