26. According to Gresham’s Law, a.inflation and unemployment are inversely relat

Question

26. According to Gresham’s Law,
a.inflation and unemployment are inversely related.
b.tax rates and tax revenues are inversely related.
c.bad money drives out good money.
d.inflation is inevitable in the long run.

27. Alexander Hamilton argued for a “National Bank” that would
a. provide the increased money supply necessary to accommodate increased business activity.
b. lend money to the U.S. Treasury.
c. serve as fiscal agent for the U.S. government.
d. serve as a tax collection agency for the U.S. government.
e. All of the above.

28. Opponents of the First Bank of the U.S. argued that the bank
a. was unconstitutional.
b. created a “money monopoly.”
c. favored northern manufacturing more than southern agriculture.
d. opened the U.S. monetary system to foreign control.
e. All of the above.

29. The Forstall System was the antebellum banking regulation in
a. New England.
b. The old Northwest (Ohio, Indiana, Illinois, and neighboring states).
c. New York State.
d. Louisiana.

30. What best describes the US experience with banking from 1785 until the Civil War?
a. There was a national bank for the entire time period.
b. The first two national banks were largely foreign owned.
c. Only gold was used to back currency.
d. Only national banks could print notes.

Explanation / Answer

26 - c 27 - c 28 - e 29 - d 30 - b

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