62. Unit 10-1: 70s Economics Question Preview (ID: 51668)


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___________happens when the supply of money increases.
a) Stagnation
b) Inflation
c) Growth
d) Shrinkage

When we flood stores, banks, etc. with money it’s value _____________, it’s not worth as much.
a) Devalues
b) Shrinks
c) Becomes stagnant
d) Deflates

When inflation is high and unemployment is also high this creates a stagnant economy, or_________________.
a) Shrinkage
b) Growth
c) Stagflation
d) Deflation

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) Investments
d) Growth

During the late 1960’s into the 1980’s inflation is high and the economy is _____________, no growth and no decline.
a) Growing
b) Stagnate
c) Shrinking
d) Devalued

An argument for stopping the “gold standard” is the government can now print more money. Hopefully, this would get the economy growing.
a) True
b) False
c)
d)

Having the “gold standard” in place __________the value of that money. It still holds its value.
a) Reduces
b) Raises
c) Protects
d) Stagnates

Inflation is when the price of all the goods rise or the government has ___________too much money.
a) Loaned
b) Printed
c) Devalued
d) Declined

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) Iran
c) Israel
d) Iraq

When you don’t have oil the economy can not run properly. Economy can not run without gas and electricity.
a) True
b) False
c)
d)

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