Money Types Quiz
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Questions and Answers

Which type of money is accepted as a medium of exchange due to the trust that exists between the payer and the payee?

  • Commodity Money
  • Fiduciary Money (correct)
  • Commercial Bank Money
  • Fiat Money

Which type of money is a government-issued currency that is not backed by a commodity such as gold?

  • Fiat Money (correct)
  • Fiduciary Money
  • Commercial Bank Money
  • Commodity Money

Which type of money is described as claims against financial institutions that can be used to purchase goods or services?

  • Commercial Bank Money (correct)
  • Commodity Money
  • Fiat Money
  • Fiduciary Money

Which type of money is equal to a commodity used for exchange?

<p>Commodity Money (A)</p> Signup and view all the answers

Which type of money gives central banks greater control over the economy because they can control how much money is printed?

<p>Fiat Money (A)</p> Signup and view all the answers

Study Notes

Types of Money

  • Fiat money is accepted as a medium of exchange due to the trust that exists between the payer and the payee.
  • Fiat money is a government-issued currency that is not backed by a commodity such as gold.
  • Commercial bank money is described as claims against financial institutions that can be used to purchase goods or services.
  • Commodity-based money is equal to a commodity used for exchange.
  • Fiat money gives central banks greater control over the economy because they can control how much money is printed.

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Description

Test your knowledge of the different types of money in macroeconomics! Learn about commodity money, fiduciary money, and fiat money. Challenge yourself to identify the characteristics and distinctions of each type.

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