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Chapter3

WhatIsMoney?

1 MultipleChoice

1）Thereisnosingleprecisemeasureofmoneyorthemoneysupplyforeconomistsbecause

（a）thegovernmentconsidersmoneysupplystatisticstobeconfidentialandrefusestopublishthem.

（b）decidingwhatisgenerallyacceptedinpaymentforgoodsandservicesorintherepaymentofdebtisdifficulttodetermine.

（c）economistscannotagreeifcurrencyshouldbeconsideredmoney.

（d）ofeachoftheabove.

（e）ofboth（a）and（b）oftheabove.

Answer:

B

QuestionStatus:

PreviousEdition

2）Economistsfindnocompletelysatisfactorywaytomeasuremoneybecause

（a）moneysupplystatisticsareastatesecret.

（b）theFederalReservedoesnotemployorreportdifferentmeasuresofthemoneysupply.

（c）the“moneyness”orliquidityofanassetisamatterofdegree.

（d）economistsfinddisagreementinterestingandrefusetoagreeforideologicalreasons.

Answer:

C

QuestionStatus:

PreviousEdition

3）Currencyincludes

（a）papermoneyandcoins.

（b）papermoney,coins,andchecks.

（c）papermoneyandchecks.

（d）papermoney,coins,checks,andsavingsdeposits.

Answer:

A

QuestionStatus:

PreviousEdition

4）Thedifferencebetweenmoneyandincomeisthat

（a）moneyisaflowandincomeisastock.

（b）moneyisastockandincomeisaflow.

（c）thereisnodifference—moneyandincomearebothstocks.

（d）thereisnodifference—moneyandincomearebothflows.

Answer:

B

QuestionStatus:

PreviousEdition

5）Itistruethat

（a）incomeandwealtharebothstocks.

（b）moneyandincomearebothstocks.

（c）incomeisaflowandwealthisastock.

（d）moneyandwealtharebothflows.

（e）moneyandincomearebothflows.

Answer:

C

QuestionStatus:

New

6）Whenpeoplesay,“BillGatessureisrich,hehasalotofmoney,”theyprobablymeanthat

BillGates

（a）hasalargecheckingaccountbalance.

（b）isquitewealthy.

（c）hasarelativelyhighincome.

（d）alloftheabove.

（e）only（a）and（b）oftheabove.

Answer:

D

QuestionStatus:

PreviousEdition

7）Anindividual’sannualsalaryisher

（a）money.

（b）income.

（c）wealth.

（d）liabilities.

（e）assets.

Answer:

B

QuestionStatus:

New

8）Aperson’shouseispartofher

（a）money.

（b）income.

（c）liabilities.

（d）wealth.

（e）alloftheabove.

Answer:

D

QuestionStatus:

New

9）Aperson’scheckingdepositsarepartofher

（a）money.

（b）income.

（c）wealth.

（d）alloftheabove.

（e）only（a）and（c）oftheabove.

Answer:

E

QuestionStatus:

New

10）Apennycollectionis

（a）money.

（b）income.

（c）wealth.

（d）alloftheabove.

（e）only（a）and（c）oftheabove.

Answer:

E

QuestionStatus:

New

11）Moneyis

（a）anythingthatisgenerallyacceptedinpaymentforgoodsandservicesorintherepaymentofdebt.

（b）frequently—butincorrectly—usedsynonymouslywithwealth.

（c）papermoney,coins,andchecks.

（d）alloftheabove.

（e）only（a）and（c）oftheabove.

Answer:

D

QuestionStatus:

Revised

12）Moneyis

（a）anythingthatisgenerallyacceptedinpaymentforgoodsandservicesorintherepaymentofdebt.

（b）frequently—butincorrectly—usedsynonymouslywithwealth.

（c）aflowofearningsperunitoftime.

（d）alloftheabove.

（e）only（a）and（b）oftheabove.

Answer:

E

QuestionStatus:

PreviousEdition

13）Whichofthefollowingaretruestatements?

（a）Wealthisthetotalcollectionofpiecesofpropertythatareastoreofvalue.

（b）Moneyisfrequentlyconfusedwithincome.

（c）Incomeisaflowofearningsperunitoftime.

（d）Alloftheabovearetrue.

（e）Only（a）and（b）oftheabovearetrue.

Answer:

D

QuestionStatus:

PreviousEdition

14）Whichofthefollowingaretruestatements?

（a）Wealthisthetotalcollectionofpiecesofpropertythatareastoreofvalue.

（b）Moneyisastock;itisacertainamountatagivenpointintime.

（c）Incomeisaflowofearningsperunitoftime.

（d）Alloftheabovearetrue.

（e）Only（a）and（b）oftheabovearetrue.

Answer:

D

QuestionStatus:

PreviousEdition

15）Whichofthefollowingaretruestatements?

（a）Wealthisthetotalcollectionofpiecesofpropertythatareastoreofvalue.

（b）Moneyisaflowvariable.

（c）Incomeisastockvariable.

（d）Alloftheabovearetrue.

Answer:

A

QuestionStatus:

PreviousEdition

16）Ofmoney’sthreefunctions,theonethatdistinguishesmoneyfromotherassetsisitsfunctionasa

（a）storeofvalue.

（b）unitofaccount.

（c）standardofdeferredpayment.

（d）mediumofexchange.

Answer:

D

QuestionStatus:

PreviousEdition

17）Someoftheformsmoneyhastakenthroughouthistoryinclude

（a）tobacco.

（b）cigarettes.

（c）wampum.

（d）alloftheabove.

Answer:

D

QuestionStatus:

Revised

18）Ifpeanutsserveasamediumofexchange,aunitofaccount,andastoreofvalue,thenpeanutsare

（a）bankdeposits.

（b）reserves.

（c）money.

（d）loanablefunds.

（e）alloftheabove.

Answer:

C

StudyGuide

19）Whenaneconomiststatesthatbarterisimpossible,shedoesn’treallymeanthatbarterisimpossible.Herrealmeaningisthat

（a）bartertransactionsarerelativelycostly.

（b）barterhasnousefulplaceintoday’sworld.

（c）itisimpossibleforbartertransactionstoleavepartiestoanexchangebetteroff.

（d）barterisillegal.

（e）eachoftheaboveistrue.

Answer:

A

QuestionStatus:

StudyGuide

20）Aproblemwithbarterexchangeisthatbarterrequires

（a）adoublecoincidenceofwants.

（b）specialization.

（c）standardization.

（d）mutualrespect.

（e）acommondenominatortodetermineprices.

Answer:

A

QuestionStatus:

New

21）Theproblemofthedoublecoincidenceofwantscanbeavoidedif

（a）tradeisorganizedinacentralmarket.

（b）moneyisusedtofacilitateexchanges.

（c）bartertradesareencouraged.

（d）both（a）and（b）oftheabove.

Answer:

B

QuestionStatus:

PreviousEdition

22）Theconversionofabartereconomytoonethatusesmoneyincreasesefficiencybyreducing

（a）theneedtoexchangegoods.

（b）theneedtospecialize.

（c）theneedtoemployteamproductionmethods.

（d）transactionscosts.

Answer:

D

QuestionStatus:

PreviousEdition

23）Theconversionofabartereconomytoonethatusesmoney

（a）increasesefficiencybyreducingtheneedtoexchangegoodsandservices.

（b）increasesefficiencybyreducingtheneedtospecialize.

（c）increasesefficiencybyreducingtransactionscosts.

（d）doesnotincreaseeconomicefficiency.

Answer:

C

QuestionStatus:

PreviousEdition

24）Whichofthefollowingaretruestatements?

（a）Theconversionofabartereconomytoonethatusesmoneyincreasesefficiencybyreducingthecostofexchange.

（b）Theconversionofabartereconomytoonethatusesmoneyincreasesefficiencybyreducingthecosttothosewhowishtospecialize.

（c）Theconversionofabartereconomytoonethatusesmoneyincreasesefficiencybyreducingtransactionscosts.

（d）Alloftheabovearetrue.

（e）Only（a）and（c）oftheabovearetrue.

Answer:

D

QuestionStatus:

PreviousEdition

25）Whichofthefollowingaretruestatements?

（a）Theconversionofabartereconomytoonethatusesmoneyincreasesefficiencybyincreasingthecostofexchange.

（b）Theconversionofabartereconomytoonethatusesmoneyincreasesefficiencybyincreasingthecosttothosewhowishtospecialize.

（c）Theconversionofabartereconomytoonethatusesmoneyincreasesefficiencybyreducingtransactionscosts.

（d）Alloftheabovearetrue.

Answer:

C

QuestionStatus:

PreviousEdition

26）Whichofthefollowingaretruestatements?

（a）Theconversionofabartereconomytoonethatusesmoneyincreasesefficiencybyincreasingthecostofexchange.

（b）Theconversionofabartereconomytoonethatusesmoneyincreasesefficiencybyreducingthecosttothosewhowishtospecialize.

（c）Theconversionofabartereconomytoonethatusesmoneydoesnotincreaseeconomicefficiency.

（d）Alloftheabovearetrue.

Answer:

B

QuestionStatus:

PreviousEdition

27）Whencomparedtoexchangesystemsthatrelyonmoney,disadvantagesofthebartersysteminclude:

（a）therequirementofadoublecoincidenceofwants.

（b）increasingthecostofexchanginggoodsovertime.

（c）raisingthecostofexchangetothosewhowouldspecialize.

（d）alloftheabove.

Answer:

D

QuestionStatus:

PreviousEdition

28）Whencomparedtoexchangesystemsthatrelyonmoney,disadvantagesofthebartersysteminclude:

（a）therequirementofadoublecoincidenceofwants.

（b）loweringthecostofexchanginggoodsovertime.

（c）loweringthecostofexchangetothosewhowouldspecialize.

（d）alloftheabove.

Answer:

A

QuestionStatus:

PreviousEdition

29）Becauseitisamediumofexchange,money

（a）eliminatestherequirementforadoublecoincidenceofwants.

（b）encouragesspecialization.

（c）reducestransactioncosts.

（d）doesalloftheabove.

（e）doesonly（a）and（b）oftheabove.

Answer:

D

QuestionStatus:

PreviousEdition

30）Becauseitisamediumofexchange,money

（a）encouragesspecializationandthedivisionoflabor.

（b）reducestransactioncosts.

（c）isnotallowedtoearninterest.

（d）doesalloftheabove.

（e）doesonly（a）and（b）oftheabove.

Answer:

E

QuestionStatus:

PreviousEdition

31）Becauseitisamediumofexchange,money

（a）discouragesspecializationandthedivisionoflabor.

（b）reducestransactioncosts.

（c）isnotallowedtoearninterest.

（d）doesonly（b）and（c）oftheabove.

Answer:

B

QuestionStatus:

PreviousEdition

32）Becauseitisamediumofexchange,money

（a）doesnotearninterest.

（b）eliminatestherequirementforadoublecoincidenceofwants.

（c）mustbecurrency.

（d）cannotbeadurableasset.

Answer:

B