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62. Unit 10-1: 70s Economics
Test Description: SocialStudiesGames.net
Instructions: Answer all questions to get your test result.
1) ___________happens when the supply of money increases.
A
Stagnation
B
Growth
C
Shrinkage
D
Inflation
2) When we flood stores, banks, etc. with money it’s value _____________, it’s not worth as much.
A
Becomes stagnant
B
Deflates
C
Shrinks
D
Devalues
3) When inflation is high and unemployment is also high this creates a stagnant economy, or_________________.
A
Shrinkage
B
Deflation
C
Growth
D
Stagflation
4) President Nixon takes the US off the “gold standard”. You can no longer take your “receipt” or paper money to the bank and trade it for __________.
A
Gold
B
Goods
C
Growth
D
Investments
5) During the late 1960’s into the 1980’s inflation is high and the economy is _____________, no growth and no decline.
A
Stagnate
B
Devalued
C
Shrinking
D
Growing
6) An argument for stopping the “gold standard” is the government can now print more money. Hopefully, this would get the economy growing.
A
False
B
True
7) Having the “gold standard” in place __________the value of that money. It still holds its value.
A
Reduces
B
Stagnates
C
Protects
D
Raises
8) Inflation is when the price of all the goods rise or the government has ___________too much money.
A
Printed
B
Loaned
C
Devalued
D
Declined
9) Several countries in the Middle East for a coalition, (OPEC). They punish the US for supporting ___________ and cut off oil supply to the US.
A
Cuba
B
Israel
C
Iran
D
Iraq
10) When you don’t have oil the economy can not run properly. Economy can not run without gas and electricity.
A
True
B
False
*select an answer for all questions
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