Exam 2: Development of the Us Banking System

____________________ is all media of exchange circulating in a country.

A loosening of lending oversight standards contributed to the recent mortgage crisis.

A check is an example of bank currency.

If you earn $24,000 per year and the inflation rate is 7% per year, how much would you have to earn next year to keep pace with inflation?

In what year did the Great Depression begin?

What effect did the Monetary Control Act of 1980 and the Garn-St Germain Depository Institution Act of 1982 have on banks?

When did the U.S. government begin to print paper currency? Where did American paper currency come from before then?

On January 1, the cost of a product is $50. If inflation for that year is 12 percent, what does the product cost on December 31 of that year?

How did Alexander Hamilton attempt to establish the federal government as the final authority for America's economic security?

Money is a medium of exchange for people to use to trade things of value.

A bank ____________________ occurs when many people try to withdraw their money from a bank at once.

Counterfeiting was not a problem when the government first began printing paper currency.

A collective rise in the supply of money, incomes, and prices is called ____________________.

What does the Federal Deposit Insurance Corporation do?

What causes stagflation?

What problem did the National Currency Act of 1863, later rewritten as the National Banking Act of 1864, address?

The National Banking Act of 1864 established the Office of the ____________________ of the Currency to issue charters to national banks.

The U.S. government currently prints paper currency in seven different denominations, or amounts. If you had one bill of each of these seven denominations, how much money would you have?

The first Bank of the United States was a government institution.

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