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Chapter 24

Chapter 24 Money Price Inflation.pdf

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Department
Economics
Course
ECON 1000
Professor
Steven Edwards
Semester
Winter

Description
CH 24Money Price Inflation1Money isAcurrency plus coinsBthe same as goldCequivalent to barteurDcurrency plus credit caurds plus debit cardsEa means of paymentTopicWhat Is Money2Which of the followiung best fits the deufinition of moneyuAGoldBAn obligation betweuen the parties to au transactionCAny medium of exchaungeDAny commodity or touken that is generaluly acceptable as a meuans of paymentEAny unit of accountuTopicWhat Is Money3If you can find someoune to swap what you uhave for what you wuant thenAmoney is necessary fuor the exchange to uworkBthere exists a doublue system of moneyCthere exists a doublue coincidence of wanutsDspecialization is impoussible in the societyu in which you liveEthere exists a moneutary exchange systemuTopicWhat Is Money4Without money to acut as a medium of exuchangeAbarter exchange wouuld allow for a much suimpler yet increasedu standard of livinguBall exchanges that tuake place under a mounetary system would ustill take placeCthe standard of livuing in the economy uwould increaseDthe increased transauction costs associatedu with trading wouldu prohibit some tradues from taking placeuEindependence in produuction would lead to ua proliferation of unew productsTopicWhat Is Money5Moneys function as au unit of account can ubest be described asuAan agreed measure fuor stating the priceus of goods and serviucesBan entry in an accouunting ledgerCa method of recordiung transactionsDa generally accepted umedium of exchangeuEa commodity that caun be exchanged for uanother 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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