Font size
WorksheetsPenny Candy - Final
Total questions: 20
Worksheet time: 10mins
Inflation is____
Rising prices
An increase in the amount of money
Rising wages and prices
The great depression of 1930s
Give examples of black market activities.
Buying, selling or producing anything illegal.
During the 1920s, liquor.
Before 1776, much American trade in manufactured goods was actually smuggling. The British didn't want Americans to manufacture.
Hiding money from the Tax authorities
(Tax Evasion)
True or False: Gresham's Law says Bad money drives good money out of circulation
True
False
When we apply the idea of TANSTAAFL there is a tradeoff to every decision that we make.
True
False
What does the acronym TANSTAAFL stand for?
there is no such thing as a free llama
there is no such thing as a free lunch
there is no such thing as a free luck
there is no such thing as a free lamb
A fact of life that deals with production and distribution of wealth. You cannot change it, and it applies all over the world.
Law of Supply and Demand
Legal Tender Law
Law of Economics
Gresham's Law
A law of economics; says bad money drives good money out of circulation. People hoard good money and trade with legally overvalued money.
Law of Supply and Demand
Legal Tender Law
Law of Economics
Gresham's Law
Says that when the supply of something goes up, the price per unit of that thing goes down. When the supply goes down the price goes up
Law of Supply and Demand
Legal Tender Law
Law of Economics
Gresham's Law
Money is_____
The most easily traded thing people have
a piece of worthless paper
A wafer or disk of precious metal
Deflation is_____
A decrease in the amount of money
Falling prices
Falling wages and prices
Inflation causes____
The wage/price spiral
Stagflation
More valuable money
