Econ 20 1. Economists use the word \"money\" to refer to Name_ a. Income generat

Question

Econ 20 1. Economists use the word "money" to refer to Name_ a. Income generated b. Those assets regularly used to buy goods and services. c. Financial assets such as stocks and bonds. d. Any type of wealth. by the production of goods and services 2. Which of the following is a function of money? a. A unit of account c. Medium of exchange b. A store of value d. All of the above are correct 3. You pay for cheese and bread from the deli with currency. Which function of money does illustrate? a. Medium of exchange c. Store of value b. Unit of account d. liquidity 4. Fiat money b. Is backed by gold. a. Has no intrinsic value. c. Is a medium of exchange but not a unit of account. d. Is any close substitute for currency such as checkable deposits. 5. Which of the following is not included inM1?

Explanation / Answer

1. Economists use the word "money" to refer to those assets regularly used to buy goods and services

Option b

2. Function of money- All of the above

Option d

3. You pay for cheese and bread from the deli with currency. money here satisifes the function of medium of exchange

Option a

4. Fiat money has no intrinsic value.

Option a

Note: max. 4 parts at a time

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