Chapter 13 - Chapter 13 1. If you are estimating your total...

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Chapter 13 1. If you are estimating your total expenses for school next semester, you are using money primarily as: A) a medium of exchange. B) a store of value. C) a unit of account. D) an economic investment. Ans: C 2. A $200 price tag on a cashmere sweater in a department store window is an example of money functioning as a: A) unit of account. B) standard of deferred payments. C) store of value. D) medium of exchange. Ans: A 3. When we say that money serves as a unit of account, we mean that it is: A) away to keep some of our wealth in a readily spendable form for future use. B) a means of payment. C) a monetary unit for measuring and comparing the relative values of goods. D) declared as legal tender by the government. Ans: C 4. Fiat money is: A) composed only of demand deposits. B) money because the government asserts that it is. C) money which is "resting" in a commercial bank vault. D) money which can be redeemed for an intrinsically valuable commodity such as gold.
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Chapter 13 - Chapter 13 1. If you are estimating your total...

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