Two essential elements of any monetary system are the establishment of i. an accepted means ofpayment. ii. a stable commodity to back the means of payment. iii. a unit of account.○ a.both ii and iiiO b. both i and iiO c. both i and iii

1. Accepted Means of Payment:Imagine a world without money. Trading everything would be…

Answered: Two essential elements of any monetary…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Fiat money isa. a type of money with intrinsic value.b. a type of money set by government decree.c. any asset used as the medium of exchange.d. any asset used as the unit of account.
Fiat currencies only have value based upon exchange, whereas commodity money also has _______________________ value. A. intrinsic B. storage C. appreciation D. long-term
Which of the following is a primary function of money? *a. to reduce the burden of excessive importsb. to serve as a unit of accountc. to serve as an encouragement to workd. to raise funds for the government
Which of the following is one of the most important benefits of money in a modern economy? A. Money encourages people to produce all of their own goods and therefore increases economic stability. B. Money allows for the accumulation of wealth. C. Money makes exchange easier, leading to more specialization and higher productivity. D. Money allows for the exchange of goods and services. E. Money is a unit of account which makes it easier to value all goods and services in dollars. QUESTION 9 Labor productivity is A. the quantity of capital one worker can produce in one day. B. the quantity of output produced by one worker or by one hour of work. C. the quantity of output produced in one hour by several workers. D. the quantity of capital produced by one worker or by one hour of work. E. the quantity of output produced in one hour by one machine.
Which of the following is NOT a function of money? A. A medium of exchange B. A measure of inflation C. A store of value D. A unit of account
A P1,125 price tag on a t-shirt in a department store window is an example of money functioning as a _____. a. a measure of exchange. b. a store of value. c. a measure of value.
QUESTION 15 Unions contribute to cyclical unemployment. frictional unemployment. a. b. С. seasonal unemployment. d. structural unemployment. a QUESTION 16 You receive money as payment for taking care of your neighbors' dog. This best illustrates which function of money? a. medium of exchange b. unit of account C. store of value d. liquidity a O O DC
Which of the following is a function of money? A) Means of production B) Source of natural resources C) Medium of exchange D) Indicator of social status Don't use any tech only do if you are sure otherwise be ready for bunch of dislike
Fiat money is Select one: a.money backed by gold or some other precious metal. b.commodity money like salt. c.valuable only because some authority decrees it to be. d.the name given to Italian lira when it is falling in value. One of the impacts of inflation is Select one: a.the real value of money falls. b.wealth is transferred from borrowers to savers. c.an increase in speculative holdings of cash. d.higher real interest rates.
Which of the following statements about money that is correct? A. Inflation brings a rising value of money. B. A work of art is an example of money because it can act as a store of value. C. Money is a completely stable store of value. D. Without a medium of exchange, goods and services must be exchanged directly for other goods and services.
If consumers demand more currency, which will increase? a. Investment spending b. Real interest rate c. Price level d. Bank deposits
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Two essential elements of any monetary system are the establishment of i. an accepted means of payment. ii. a stable commodity to back the means of payment. iii. a unit of account. ○ a. both ii and iii O b. both i and ii O c. both i and iii