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ECON_CH24.pdf

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Department
Administrative Studies
Course
ADMS 1010
Professor
All Professors
Semester
Winter

Description
University of LethbridgeDepartment of EconomicsECON 1012Introduction to MacroeconomicsInstructorMichael G LanyiCH 24Money Price Inflation1Money isAcurrency plus coinsBthe same as goldCequivalent to barterDcurrency plus credit cards plus debit cardsEa means of paymentTopicWhat Is Money2Which of the following best fits the definition of moneyAGoldBAn obligation between the parties to a transactionCAny medium of exchangeDAny commodity or token that is generally acceptable as a means of paymentEAny unit of accountTopicWhat Is Money3If you can find someone to swap what you have for what you want thenAmoney is necessary for the exchange to workBthere exists a double system of moneyCthere exists a double coincidence of wantsDspecialization is impossible in the society in which you liveEthere exists a monetary exchange systemTopicWhat Is Money4Without money to act as a medium of exchangeAbarter exchange would allow for a much simpler yet increased standard of livingBall exchanges that take place under a monetary system would still take placeCthe standard of living in the economy would increaseDthe increased transaction costs associated with trading would prohibit some trades from taking placeEindependence in production would lead to a proliferation of new productsTopicWhat Is Money5Moneys function as a unit of account can best be described asAan agreed measure for stating the prices of goods and servicesBan entry in an accounting ledgerCa method of recording transactionsDa generally accepted medium of exchangeEa commodity that can be exchanged for another commodityTopicWhat Is Money16Which one of the following is not a function of moneyAstore of valueBunit of accountCmedium of exchangeDmeasure of liquidityEmeans of paymentTopicWhat Is Money7Which of the following is a function of moneyAA means of pooling riskBA medium of exchangeCA means of reducing transactions costsDA measure of liquidityEA store of exchangeTopicWhat Is Money8Moneys function as a store of value can best be described asAan agreed measure for stating the prices of goods and servicesBa generally acceptable exchange systemCan efficient means of writing contracts over a long time periodDa guarantee of a double coincidence of wantsEsomething that can be held and exchanged later for goods and servicesTopicWhat Is Money9The higher and more unpredictable the changes in a monetary unit theAless likely it will be used as a store of valueBmore confidence people will have in holding it for the futureCmore likely it will be used as a store of valueDmore likely it will be used as a standard of deferred paymentEless likely contracts will be written to counterbalance the uncertainty of its value in the futureTopicWhat Is Money10The higher and more unpredictable the changes in the monetary unit theAlower the opportunity cost of using it as a standard of deferred paymentBlower the opportunity cost of using it as a store of valueChigher the opportunity cost of using it as a store of valueDlower the opportunity cost of using it as a medium of exchangeEless likely barter exchange will replace itTopicWhat Is Money11Money can take the form of any one of the following exceptABank of Canada notesBa credit cardCa saving depositDa chequing depositEcoinsTopicWhat Is Money12The official definitions of money can include all of the following exceptAchequesBcurrency outside banksCnonchequable depositsDpersonal chequable depositsEdeposits at trust and mortgage loan companiesTopicWhat Is Money2
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