Review_questions

Review_questions - Review questions ECON 104 A problem with...

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Review questions ECON 104
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A problem with barter exchange is that  barter requires A. Mutual respect. B. A double coincidence of wants. C. Specialization. D. Standardization. E. A common denominator to determine prices.
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Because it is a medium of exchange,  money A. Encourages specialization and the division of labor B. Reduces transaction costs. C. Is not allowed to earn interest. D. Does all of the above. E. Does only A and B of the above.
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Which of the following is NOT a  commonly accepted function of money? A. Unit of account B. Store of value C. Medium of exchange D. Index of Liquidity E. All of the above are commonly accepted functions of money
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In the United States control of the money  supply is given to A. The President B. The Federal Reserve C. The Bureau of Printing and Engraving D. Congress E. None of the above
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If one observes a decline in the use of  money to carry out transactions and an  increase in barter exchanges, then one  can probably infer that  A. Inflation has accelerated into hyperinflation. B.
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Review_questions - Review questions ECON 104 A problem with...

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