Exam 3: What Is Money

The conversion of a barter economy to one that uses money

An individual's annual salary is her

When compared to exchange systems that rely on money,disadvantages of the barter system include:

The decade during which the growth rates of monetary aggregates diverged the most is

________ is used to make purchases while ________ is the total collection of pieces of property that serve to store value.

For a commodity to function effectively as money it must be

As a store of value,money

If an individual uses money from a demand deposit account to purchase a U.S.savings bond,

Whatever a society uses as money,the distinguishing characteristic is that it must

Introduction of checks into the payments system reduced the costs of exchanging goods and services. Another advantage of checks is that

Which of the following is a true statement?

Because it is a unit of account,money

During hyperinflations,

A problem with barter exchange when there are many goods is that in a barter system

Compared to checks,paper currency and coins have the major drawbacks that they

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

________ are the time and resources spent trying to exchange goods and services.

Compared to an economy that uses a medium of exchange,in a barter economy

When money prices are used to facilitate comparisons of value,money is said to function as a

The total collection of pieces of property that serve to store value is a person's