Title: QUIZ: Good Versus Bad Standards Explained -- Fed Explained Video Series
Course: Kelly's Copy-Export Course > Section: Good Versus Bad Standards Explained -- Fed Explained Video Series

Q: The standard measure of value in the United States is
- gold.
- silver.
- the dollar.
- both precious metals and paper money.
A: the dollar.

Q: Who has the authority to set the measurement standards of our nation?
- The Federal Reserve
- Congress
- The President
- The Commerce Department 
A: Congress

Q: Which of the following was the first standardized measurement set by Congress?
- Measure of temperature, degrees Fahrenheit/degrees Celsius
- Measure of time, minutes in an hour
- Measure of weight, ounces in a pound
- Measure of value in dollars
A: Measure of value in dollars

Q: For a dollar to be a good measure of value,
- it must be backed by gold.
- it needs to have stable purchasing power.
- its value should fluctuate with economic conditions.
- it should not be set to a fixed standard measure.
A: it needs to have stable purchasing power.

Q: Under the gold standard, which of the following was true?
- A dollar would always buy a person the same amount of goods and services.
- When you bought a good, its value depended on government policy. 
- The purchasing power of the dollar did not fluctuate.
- The dollar fluctuated in value whenever gold was discovered.  
A: The dollar fluctuated in value whenever gold was discovered.  

Q: Under the gold standard, when more gold was discovered,
- the value of gold would rise.
- the purchasing power of dollars would rise.
- the purchasing power of gold fell, so the purchasing power of dollars fell.
- dollars were able to buy more goods and services.
A: the purchasing power of gold fell, so the purchasing power of dollars fell.

Q: Gold was a poor standard on which to base our measure of value because
- the value of gold did not affect the purchasing power of the dollar.
- gold was too heavy to carry around.
- its purchasing power fluctuated, making trade difficult.
- it was difficult to find more gold.
A: its purchasing power fluctuated, making trade difficult.

Q: Who is responsible for keeping the purchasing power of a dollar stable?
- Congress
- Businesses 
- The President
- The Federal Reserve
A: The Federal Reserve

Q: Why is it important that the dollar’s value be kept stable?
- So Congress can report the dollar’s real value to the public
- To help facilitate trade in gold 
- To easily change price stability
- So everyone understands its value
A: So everyone understands its value