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10
×
Alan Greenspan said about the bank bailout, "If they're too big to fail, …"
"... they're too big."
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20
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Explain the problems of hyperinflation and deflation with the example of buying a new refrigerator.
Everybody buying as soon as possible / Nobody buying, biding their time
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15
×
What is a perverse incentive?
When a policy ends up having a negative effect, opposite of what was intended
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15
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What is a stagflation?
Production slows down / stops (stagnates) while prices rise
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trap
No points!
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seesaw
Swap points!
Okay!
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gift
Win 25 points!
Okay!
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thief
Give points!
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25
10
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The Nobel Prize winning economist Milton Friedman said, "The pieces of green paper have value because …
… everyone thinks they have value."
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10
×
What is a stock/share?
A slice of ownership
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10
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What is common in bonds and stocks?
They are traded on markets
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15
×
Which country had the largest ever hyperinflation and when?
Hungary, (1945-)1946
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15
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What are the 3 main ways lenders and borrowers interact?
Bank deposits/loans, bonds, stocks
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10
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What is a barter system?
Swap/exchange goods for goods
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baam
Lose 15 points!
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rocket
Go to first place!
Okay!
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fairy
Take points!
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25
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banana
Go to last place!
Oops!
10
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What is the gold standard?
Money is redeemable for a specific amount of gold; can't issue more money than gold reserves
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10
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What is a bond? (Keep it simple)
An IOU
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10
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What is “to default/a default”?
When a borrower stops paying back what they owe.
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seesaw
Swap points!
Oops!
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fairy
Take points!
5
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15
20
25
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fairy
Take points!
5
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15
20
25
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thief
Give points!
5
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20
25
×
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