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Macroeconomics Principles

Business

Quiz 13 :

Money, Banks, and the Federal Reserve

Quiz 13 :

Money, Banks, and the Federal Reserve

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The Federal Reserve was originally created to
Free
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Answer:

E

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Fiat money is
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B

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If you use a check to purchase a textbook,the check is
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B

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The unit of value function of money refers to how we think about and record a transaction,whereas the means of payment function refers to how we actually pay for the items.
True False
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In any monetary system,the means of payment must be the same as the unit of value.
True False
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If the government passed a law designating sea shells as money,sea shells
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The organization responsible for creating and regulating the U.S.money supply is
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A monetary system is what allows us to
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The means of payment function of money refers to the common unit for measuring how much something is worth
True False
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Gold,silver and furs,when used as money,are referred to as
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If a piece of currency must be accepted for payment because the government says so,the currency is called
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The primary reason that U.S.money has value is that it
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Which of the following could not serve as commodity money?
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Establishing a unit of value and establishing a standard means of payment are two functions of a monetary system.
True False
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The institution charged with creating and regulating the U.S.money supply is the
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Money in the U.S.has value primarily because it is fiat money.
True False
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When money is used to compare the costs of different goods and services,it is functioning as
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In what year was the Federal Reserve System created?
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The first paper currency issued by the U.S.government was known as the
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In the United States between 1790 and the Civil War,who issued paper currency?
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