{[ promptMessage ]}

Bookmark it

{[ promptMessage ]}

midivquestions

# midivquestions - Fall 2010 Professor Ulu Temple University...

This preview shows pages 1–2. Sign up to view the full content.

Fall 2010 Professor Ulu Temple University, Econ 1101, Midterm Name___________________________________ ID#:___________________________________ MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 1) The functions of money are 1) _______ A) medium of exchange, unit of account, and store of value. B) medium of exchange and the ability to buy goods and services. C) pricing, contracts, and means of payment. D) medium of exchange, unit of account, and means of payment. 2) Checks are 2) _______ A) not money, but credit cards are. B) money, as are credit cards. C) not money, and neither are credit cards. D) money, but credit cards are not. 3) Which of the following equations represents the equation of exchange? 3) _______ A) M = VP/Y B) MY = PV C) PM = VY D) MV = PY 4) The quantity theory of money predicts that 4) _______ 5) Nominal GDP, PY , is \$7.5 trillion. The quantity of money is \$3 trillion. The velocity of circulation is

This preview has intentionally blurred sections. Sign up to view the full version.

View Full Document
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}