16 Questions
How does Prof. Walker define money?
Anything which is generally acceptable in exchange of goods and services or in repayment of debts
According to Professor Coleborn, what is money?
The means of valuation and payment
What is the fundamental characteristic of money?
Its general acceptability by the people in exchange of goods and services or in repayment of debts
What is metallic money?
Money in the form of coins made from metals like gold or silver
What makes defining money in exact terms difficult?
The variety of forms it comes in
How do some economists define money in legal terms?
As anything which the state declares as money
What is the characteristic of full bodied coins?
Face value is equal to the value of metal contained in the coin
What type of money refers to notes made of paper issued by the central bank or government?
Paper Money
What type of money has a face value more than the value of the paper?
Inconvertible Money / Fiat Money
What is the characteristic of convertible money?
It can be converted into gold or silver
Which type of money can be easily converted into metallic (gold & silver) form on demand?
Representative Money
What is the characteristic of token money?
Face value is greater than the value of metal contained in the coin
Which type of money is fully backed by equal metallic reserve?
Representative Money
What type of money has a face value more than the value of the paper?
Inconvertible Money / Fiat Money
What type of money can be converted into gold, silver i.e. metallic reserves?
Representative Money
What type of money can be converted into gold, silver i.e. metallic reserves?
Full Bodied Coins
Explore the concept of money and its various forms and functions. Understand the definition of money and its fundamental characteristic of general acceptability. Dive into the criteria of moneyness and its significance in economics.
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