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37. The Fed (part 1)
Test Description: SocialStudiesGames.net
Instructions: Answer all questions to get your test result.
1) Which is NOT true of The Federal Reserve (The Fed)?
A
created by Andrew Jackson
B
US Government's Bank
C
Bank's Bank
D
Manages the money in the economy
2) Who manages the amount of money in the economy/
A
President
B
Congress
C
Federal Reserve
D
US Treasury
3) $5 does not buy what it used to buy 10 years ago, 20 years ago, and 30 years ago.
A
False
B
True
4) What happens to money if The Fed prints a lot of money (increase in supply)?
A
price of goods decreases
B
value goes down
C
value goes up
D
nothing
5) What happens to money if The Fed slows the printing of money (decrease in supply)?
A
value goes down
B
value goes up
C
nothing
D
price of goods increases
6) What happens to money if The Fed prints a lot of money (increase in supply)?
A
recession
B
nothing
C
inflation
D
deflation
7) What happens to money if The Fed slows the printing of money (decrease in supply)?
A
recession
B
nothing
C
inflation
D
deflation
8) Which supply and demand equation is incorrect?
A
supply △ ► price ▽
B
demand ▽ ► price ▽
C
demand △ ► price △
D
supply ▽ ► price ▽
9) Which supply and demand equation is incorrect?
A
supply ▽ ► price △
B
supply △ ► price ▽
C
demand ▽ ► price △
D
demand △ ► price △
10) Which of the following demonstrates inflation?
A
supply △ ► price ▽
B
demand △ ► price △
C
supply ▽ ► price △
D
demand ▽ ► price ▽
11) Which of the following demonstrates deflation?
A
demand △ ► price △
B
demand ▽ ► price ▽
C
supply ▽ ► price △
D
supply △ ► price ▽
12) An increase in money, without an increase in supply of goods will result in inflation.
A
False
B
True
13) An increase in money, WITH an increase in supply of goods will result in inflation.
A
False
B
True
14) What DOES NOT happen when the supply of money increases and the supply of goods does not incease?
A
producers know an increase in money means an increase in demand, so they raise prices
B
price of good drops or the value of money increases
C
Consumers bid up the price
D
prices rise like an auction
15) Why did Steve raise his prices
A
government regulation
B
he's greedy
C
he's a jerk
D
he understands the laws of supply and demand
16) Which is not an example of inflation?
A
soda is more expensive than it was in 2000
B
the price of gasoline drops below $2 per gallon
C
a bag of chips is still $1, but it contains fewer chips
D
soda might have the same price, but it's a smaller bottle
*select an answer for all questions
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