Deck 4: Economics

Question 1

The maximum number of bitcoins allowed into currency at any point in time is capped at what?

A)15 million.
B)21 million.
C)12 million.
D)18 million.

Answer 1

21 million.

Question 2

How many atomic units can the total supply of bitcoins be broken down into?

A)2 billion.
B)200 billion.
C)2 trillion.
D)2 quadrillion.

Answer 2

2 quadrillion.

Question 3

When is the supply of bitcoins expected to cease?

A)2020
B)2080
C)2140.
D)2200.

Answer 3

2140.

Question 4

In 2011, the value of a single bitcoin skyrocketed to $32 from $0.30, then plummeted back to which of the following?

A)$0.10.
B)$0.25.
C)$0.50
D)$2.00.

Question 5

John Quiggin, a professor at this Australian university called Bitcoin "a pure bubble."

A)University of Queensland.
B)University of Melbourne.
C)University of Sydney.
D)University of New South Wales.

Question 6

After the FBI shutdown the Silk Road in October of 2013, the value of a Bitcoin plunged to which of the following values after trading around $130 the day before?

A)$65.
B)$75.
C)$85.
D)$95.

Question 7

Which senior economist at a US regional Federal Reserve said that Bitcoin was "an elegant solution to the problem of digital currency"?

A)Eric S. Rosengren.
B)Francois Velde.
C)William C. Dudley.
D)Charles L. Evans.

Question 8

What is the average fee for a Bitcoin transaction?

A)0.02%,
B)0.20%.
C)1.20%.
D)2.20%.

Question 9

Which of the following Nobel Prize winning economists wrote a piece in The New York Times speaking out against Bitcoin because it "encourages hoarding"?

A)Alvin E. Roth.
B)Robert Shiller.
C)Paul Krugman.
D)Gary S. Becker.

Question 10

On November 19th, 2013, Bitcoin soared from $550 to which of the following values in a single day before plunging back down to under $600?

A)$700.
B)$800.
C)$900.
D)$1000.

Question 11

Many investors have shied away from Bitcoin due to concerns over which of the following?

A)Volatility.
B)Hyperinflation.
C)Deflation.
D)International Sanctions.

Question 12

Over a five-day period, beginning on July 12th, 2010, the value of a single bitcoin increased by how much?

A)300%.
B)600%.
C)900%.
D)1200%.

Question 13

On November 6th of 2010, the total value for all Bitcoin in currency reached what historic value?

A)1 million USD.
B)10 million USD.
C)100 million USD.
D)1 billion USD.

Question 14

After the Chinese government issued a stern warning against Bitcoin, the value for a single bitcoin fell from over 1,200USD to well below which of the following?

A)$400.
B)$600.
C)$800.
D)$1,000.

Question 15

Simon Johnson, a professor of entrepreneurship at this university, warned that Bitcoin would face "big political backlash" if it is widely adopted.

A)MIT
B)Yale
C)University of Chicago
D)Princeton