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Money Quiz 13 (25 MCQs)

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1. Resources (a.k.a. the factors of production are)
2. Definition of m1
3. Which of the following has not been used as a medium of exchange?
4. The Federal Reserve was established in
5. You can save money in a _____ at a bank.
6. If Reserve Deposit Ratio is 12.5%, the value of Money Multiplier will be:
7. What is the best way the Fed controls the money supply
8. To avoid carrying cash, Ned pays for his lunch using this card. Each time he uses this card his checking account decreases.
9. What is the source of fiat money's value?
10. How long do $ 100 bills last?
11. The economy is in recession. The government decides to change to increase the money supply through _____
12. _____ is the privately owned, publicly controlled central bank of the U.S.
13. Demand deposits include _____
14. In the past (prior to the 1970's) the U.S. government couldn't issue more money than it had in gold reserves. This was called the:
15. This is the key monetary policy making body of the Federal Reserve. It is comprised of several district bank presidents and the Chairman of the Federal Reserve.
16. Money acts as a go-between to make it easier tobuy things. Sellers agree to accept it in exchangefor a good or service. A) Measure of ValueB) Store of ValueC) Medium of Exchange
17. When there is not enough of something that people need, such as food or water, what word describes what the government might do in order for as many people as possible to get what they need?
18. The four characteristics of money are
19. When we continue using a product or service that makes us unhappy because the cost has already been incurred and cannot be recovered. This is an example of _____
20. Anything that is used as a medium of exchange, a unit of account, and a store of value?
21. Where is money made?
22. Money saved and used in the future describes which basic function of money?
23. To an economist, _____ is anything that is generally accepted in payment for goods and services or in the repayment of debt.
24. The oldest form of money in the WORLD is
25. Something that serves as a way to compare values?
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