Exam 3: What Is Money

The evolution of the payments system from barter to precious metals, then to fiat money, then to cheques can best be understood as a consequence of ________.

Even economists have no single, precise definition of money because ________.

Because it is a unit of account, money ________.

Patrick places his pocket change into his savings bank on his desk each evening. By his actions, Patrick indicates that he believes that money is a ________.

Economists say that money is a store of value. since there are other assets that are a more desirable store of money, why do people hold money at all?

If an individual moves money from a money market mutual fund to currency, ________.

The conversion of a barter economy to one that uses money ________.

Kevin purchasing concert tickets with his debit card is an example of the ________ function of money.

Can packs of cigarettes be used as commodity money?

In the money index used by the Bank of Canada: M = X₁ + X₂ + ... + X_n, the Xs are ________.

Money is ________.

The components of the M1+ monetary aggregate are chequable deposits plus ________.

To an economist, ________ is anything that is generally accepted in payment for goods and services or in the repayment of debt.

Increasing transactions costs of selling an asset make the asset ________.

Why are people are willing to hold money even if it is not the most attractive store of value?

If an individual moves money from a notice deposit at a bank to a deposit account at a credit union, ________.

Why are most of the U.S. dollars held outside of the United States?

Income is a ________ and wealth is a ________.

In the country of Moneyland the law allows you to repay mortgage in rocks. Thus, ________.

Which of the following is included in M2+ but not in M2?