The Coinage Act of 1792 Set the Relative Values of Silver

question 13

Multiple Choice

The Coinage Act of 1792 set the relative values of silver and gold coins at 15 to 1.  Suppose the relative market values of silver and gold had equaled 16 to 1.  In this case,

• A) only gold would circulate as money.
• B) gold would be hoarded and sold abroad.
• C) gold would be overvalued at the mint.
• D) individuals would profit by selling gold to the mint.

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Definitions:

European Descent

Referring to people whose ancestral origins are found in Europe.

Ambiguous Faces

Visual stimuli that can be interpreted in more than one way and are often used in psychological experiments to study perception and emotion.

Outgroup Homogeneity

The perception that members of an outgroup are more similar to each other than they actually are, as compared to the ingroup's diversity.

Unjustifiable Negative Behavior

This refers to actions or behaviors that have a negative impact on others or oneself and cannot be logically or morally defended.