1. What deeper confusions contributed to the general confusion about the nature of money? | Text |
2. What paradox does George note regarding our common understanding of money? | Text |
3. Is money consumed? What is its primary use? | Text |
4. Does the exchange value of money depend on its value as a commodity? Explain. | Text |
5. Money is money because | Text |
a. its use as such is ordained and regulated by the government.
b. it is a precious metal, or redeemable in precious metal.
c. it is generally used as such.
d. it is used to pay wages..
6. What quality in money distinguishes it from various forms of credit? | Text |
7. What is the chief function of money besides serving as a medium of exchange? | Text |
8. If labor is the true measure of value, why can value not be measured in terms of labor time? | Text |
9. In George's view, Adam Smith overestimated the difficulty of barter because
a) he ignored the possibility of using deferred payments.
b) archeologists have documented widespread use of barter in prehistory.
c) barter is still very common today.
d) in his day it was mistrusted and seldom used.
10. How does credit facilitate exchanges? | Text |
11. Why does George believe that the use of credit in exchange preceded the use of money? | Text |
12. As society develops, what is the tendency with respect to the use of money with intrinsic value? What is the reason for this tendency?
13. George's example of the US Trade Dollar illustrates that | Text |
a) bad money drives out good.
b) at that time, the instrinsic value of money was unimportant.
c) familiarity and trust are vital aspects of money.
d) people tend to prefer money with greater bullion value.
14. When the intrinsic value of currency is decreased, what must be done to ensure its continued viability as money? | Text |
15. In George's view, how does the labor-saving quality of credit money lead to the proper role of government in issuing money? | Text |
Please read Part V