7.The passage indicates that during the colonial period, money was
(A) supplied by England (C) scarce
(B) coined freely by the colonists (D) used extensively for trade
8.The Massachusetts Bay Colony was allowed to make coins
(A) continuously from the inception of the colony
(B) throughout the seventeenth century
(C) from 1652 until the Revolutionary War
(D) for a short time during one year
9.Which of the following is NOT mentioned in the passage as a substitute for money during the colonial period?
(A) Wampum (C) Tobacco
(B) Cotton (D) Beaver furs
10.According to the passage, what happened to the American monetary system during the Revolutionary War ?
(A) The Continental Congress issued gold and silver coins.
(B) Individual states were not allowed to issue money.
(C) So much paper money was circulated that it lost its value.
(D) American money replaced trade in goods and foreign coins.
11.How was the monetary system arranged in the Constitution?
(A) Only the U.S. Congress could issue money.
(B) The U.S. officially went on a bimetallic monetary system.
(C) Various state governments, including Massachusetts, could issue money.
(D) The dollar was made the official currency of the U.S.
12.According to the passage, which of the following is NOT true about the bimetallic monetary system?
(A) Either gold or silver could be used as official money.
(B) Gold could be exchanged for silver at a rate of 16 to 1.
(C) The monetary system was based on two metals.
(D) It was established in 1792.