econ chapter 10 test

The federal reserve system was established in

1913

Which of the following statements about the Great Depression is false

Banking reforms followed the Great Depression

As a result of the financial institution crisis of the 1980s, S&Ls are now insured by the

FDIC

The Federal agency that insures bank deposits in the event of a bank failure is

FDIC

One of the oldest thrift institutions in the US is the

Mutual savings bank

Money functions as all of the following except

a monetary standard

Money loses its value when it

becomes too plentiful

Early colonists in Virginia used tobacco as

commodity money

Money that has an alternative use as an economic good is

commodity money

A "Mutual coincidence of wants" is

difficult to achieve in a barter economy

To be successful medium of exchange, money must be all of the following except

easily avalible

All of the following were problems with banking before the Civil War except

many banks issued more currency than they could back

In order for money to have value, it must have all of the following characteristics except

plentiful availability

The FDIC was to establish to

protect the savings of the american people

The Federal Reserve System is

publicly controlled

Greenbacks and US notes were issued to

raise money to finance the Civil War

When congress reformed the thrift industry in 1989, all of the following except

remaining S&L's were merged with commercial banks

Which of the following institutions experienced serious crisis and reform during the 1980s

savings and loan associations

The problem with Continental dollars was that

so much was printed they became nearly worthless

When a bank is about to collapse

the FDIC may secretly seize the bank

Which of the following statements about a gold standard is false

the government cannot print too much paper currency

Under what monetary standard does the US currently operate?

the inconvertible fiat money standard

What is the orgin of the American dollar

the spanish and peso and shillings

Created during the Civil War, the National Banking System

was made up of banks chartered by the federal government

Local banks in the 1800s that printed too much money were called

wildcat banks