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Questions and Answers
What is the Gold Standard?
What is the Gold Standard?
- A standard for evaluating the quality of gold reserves in banks
- A standard for measuring the purity of gold in jewelry
- A monetary system in which the value of the currency is defined in terms of gold (correct)
- A system where all financial transactions are conducted using gold coins
What is deficit spending?
What is deficit spending?
- The government practice of spending borrowed money rather than raising taxes to boost the economy (correct)
- The practice of individuals spending more than their income
- The practice of increasing taxes to cover government expenses
- The government practice of cutting down public spending to reduce national debt
What were 'fireside chats' during the Great Depression?
What were 'fireside chats' during the Great Depression?
- Community events organized to provide relief to the unemployed
- Radio broadcasts made by President Franklin D. Roosevelt to Americans (correct)
- Public gatherings around bonfires to discuss economic issues
- Emergency meetings held by government officials to address the financial crisis
What were bank holidays during the Great Depression?
What were bank holidays during the Great Depression?
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What is the role of a mediator?
What is the role of a mediator?
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Study Notes
Economic Concepts
- The Gold Standard is a monetary system where a country's currency is pegged to the value of gold, and paper currency can be exchanged for gold at a fixed rate.
Fiscal Policy
- Deficit spending is a fiscal policy where the government spends more money than it takes in, resulting in a budget deficit, often used to stimulate economic growth during recessions.
Great Depression
- Fireside chats were a series of 30 radio addresses delivered by President Franklin D. Roosevelt between 1933 and 1944, aiming to reassure and educate the American public about government policies during the Great Depression.
- Bank holidays were temporary closures of banks during the Great Depression, imposed by the government to prevent mass withdrawals and bank failures.
Conflict Resolution
- A mediator is a neutral third-party facilitator who helps parties in a dispute to reach a mutually acceptable agreement, without imposing a decision, but rather guiding the negotiation process.
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