Our Monetary Standard Today Is the Paper Dollar, Issued by the Federal

question 118

True/False

Our monetary standard today is the paper dollar, issued by the Federal Reserve, and can be exchanged for gold or silver.

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Definitions:

Price Mechanism

The process by which the forces of demand and supply determine the prices of goods and services and allocate resources in an economy.

Capitalism

An economic system in which private individuals and businesses own capital goods and the production of goods and services is based on supply and demand in the market.

Economic System

The structured way in which a country or region organizes its economic activities and allocates resources.

Cultural Revolution

The Cultural Revolution was a socio-political movement in China, led by Mao Zedong from 1966 until 1976, aimed at preserving Chinese Communism by purging remnants of capitalist and traditional elements from Chinese society.