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Questions and Answers
What is the function of money as a store of value?
What is the function of money as a store of value?
- It ensures double coincidence of wants
- It is the most liquid asset in the economy
- It provides the terms for recording debts
- It allows transfer of purchasing power from present to future (correct)
What is the characteristic of fiat money?
What is the characteristic of fiat money?
- It is used in barter transactions
- It is the most liquid asset in the economy
- It is backed by a commodity like gold
- It has no intrinsic value and is established as money by government decree (correct)
What is commodity money?
What is commodity money?
- Money backed by a government decree
- Money with intrinsic value like gold (correct)
- Money with no intrinsic value
- Money that is redeemable for gold
What is the gold standard in the context of money?
What is the gold standard in the context of money?
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What is the function of money as a unit of account?
What is the function of money as a unit of account?
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