6 When we put a price tag on goods and services, we are using money as a A) stor
ID: 1116240 • Letter: 6
Question
6 When we put a price tag on goods and services, we are using money as a A) store of value. B) medium of exchange. C) barter token. D) unit of account. E) means of payment. 7 When we keep part of our wealth in a bank checking account, we are using money as a because A) store of value; we are holding the money to exchange for goods at a later time B) medium of exchange; we are holding the money to gain interest earned C) barter token; we are holding the money to exchange for goods at a later time D) anit of account, we are holding the money to exchange for goods at a later time E) unit of currency; we have agreed upon the value of the money with bank 8) Fiat money means A) Italian currency B) money's value does not change. C) the government has decreed that something is money. D) the money can be converted into gold. E) only currency counts as money. 9) Which statement most accurately captures the state of money today? A) Money today includes currency, bank deposits and checks. B) Money today includes currency and checks but not bank deposits. C) Money today includes bank deposits and currency but not checks. D) Money today includes bank deposits and checks but not currency E) Money today includes checks and credit cards. 10) If you use a check to pay your monthly rent A) the check is considered money because you received something in return. B) the check is not money because it is just an instruction to your bank to make a payment. Q you have used money because the landlord accepted it as a means of payment D) the check becomes money when it arrives at the landlord's bank. EB) the check is not money because it is not part of M1 11) An official measure of money in the United States is M1, which includes the sum of A) checkable deposits plus small time deposits. B) currency plus checkable deposits. C) currency plus credit card transactions D) currency plus traveler's checks plus time deposits. E) currency plus travelers checks plus checkable deposits plus small time deposits plus money market funds and other deposits.Explanation / Answer
6.
When price tag is put on the goods and services then money serves as the unit of account because goods and services are expressed in the form of a unit of account of money.
Hence option D is the correct answer.
7. when people keep part of their wealth in the form of money in the checking account, then they are using money as a store value because it can be used in the future for the purpose of buying goods and services according to their needs.
Hence option A is the correct answer.
8.
Fiat money means a money which is made of a metal or paper whose value is less than the value of the currency which is printed on it. It is the currency that a government has declared to be legal tender, but this is not backed by a physical commodity.
Therefore Option C is the correct answer.
9.
The definition of money today is those assets which are highly liquid which means which can be converted into the money form if the need arises and it can be used for making payment for purchasing goods and services. It includes currency, notes and coins, bank deposits and checks because these can be used for the purchase of goods and services.
Hence option A is the correct answer.
# According to chegg guidelines, i have solved first four part.
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