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The Money Evolution Quiz

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Questions and Answers

Which economist defined money as 'anything which is widely accepted in payments for goods or in discharge of other kinds of business obligations'?

Juno Moneta

Walker

Robertson (correct)

Seligman

According to Seligman's definition, what is money?

Anything which is widely accepted in payments for goods or in discharge of other kinds of business obligations (correct)

The name of Goddess 'Juno Moneta'

Built on scarce/valuable natural resources

What money does

What is the oldest type of money?

Fiduciary Money

Fiat Money

Commercial Bank Money

Commodity Money (correct)

Which component of money supply is created by commercial banks?

Derived deposits Signup and view all the answers

What is the term used to describe the deposits created by commercial banks?

Secondary deposits Signup and view all the answers

What does Gresham's law mean when it says 'cheap money drives out dear money'?

Less valuable money replaces more valuable money Signup and view all the answers

According to Gresham's law, what happens when bad money and good money circulate together?

Bad money drives out good money Signup and view all the answers

What is the main source of credit creation for commercial banks?

Primary deposits Signup and view all the answers

What does the Quantity Theory of Money explain?

The relationship between quantity of money and price level of the economy Signup and view all the answers

According to Gresham's law, what happens when bad money and good money circulate together?

Good money is driven out of circulation Signup and view all the answers

What does the Quantity Theory of Money explain?

The relationship between quantity of money and price level of economy Signup and view all the answers

Which economist gave an equation to determine the value of money in the Quantity Theory of Money?

Irving Fisher Signup and view all the answers

Which equation is mentioned in the text?

Fisher's equation Signup and view all the answers

What does the text say about the process of spending money?

No one spends money Signup and view all the answers

What does the text say about Fisher's equation?

It is an abstract and mathematical truism Signup and view all the answers