The Penny

What was the main reason given by the Canadian government for discontinuing the penny?

• It was too expensive to produce.

• People were throwing them away.

• They were not shiny enough.

• They were considered unlucky.

Tags

CCSS.RI.8.1

According to the article, what do many Canadians do with their pennies?

• Collect them as souvenirs.

• Store them in jars or throw them away.

• Use them to make jewelry.

• Save them for future investment.

Tags

CCSS.RI.8.1

What is the cost to produce and distribute a zinc and copper coin in the United States, according to the mint?

• 1.6 Canadian cents.

• 2.1 Canadian cents.

• 2.4 Canadian cents.

• 2.4 U.S. cents.

What does François Velde suggest might happen in a competitive market when small coins are phased out?

• Prices will increase significantly.

• There will be no net price effect.

• The economy will suffer.

• Price decreases might occur.

Tags

CCSS.RI.8.6

CCSS.RI.8.8

What will happen to electronic transactions if small coins are phased out, according to the article?

• They will be rounded up or down.

• They will be discontinued.

• They will require a special fee.

• They will be taxed at a higher rate.

Tags

CCSS.RI.8.1

CCSS.RI.8.2

CCSS.RI.8.8

How much did the United States government lose on the production and distribution of pennies in 2011?

• $27.4 million

• $18.8 million

• $60.2 million

• $55.6 million

Which countries have already dropped their lowest-denominated coins according to the text?

• Australia, New Zealand, Brazil, Finland

• The Netherlands, Norway, Sweden, Switzerland

• Britain, Canada, France, Germany

• A) and B) are both correct

Tags

CCSS.RI.8.1

What is the composition of the American penny after the change authorized by Congress in 1982?

• 95 percent nickel and 5 percent zinc

• 97.5 percent zinc and 2.5 percent copper

• 95 percent copper and 5 percent zinc

• 95 percent zinc and 5 percent nickel

What does the United States Department of Defense think about the penny?

• It is valuable for historical reasons.

• It is too heavy and not cost-effective to ship.

• It should be made of different materials.

• It is worth more than its production costs.

Tags

CCSS.RI.8.1

CCSS.RI.8.2

CCSS.RI.8.6

CCSS.RI.8.8

How do shops and restaurants on foreign military bases handle transactions without using pennies?

• They round up to the nearest 10 cents.

• They round down to the nearest 5 cents.

• They round to the nearest 5 cents, up or down.

• They still use pennies for exact change.