Exam 3: What Is Money

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

________ is a flow of earnings per unit of time.

If there are five goods in a barter economy, one needs to know ten prices in order to exchange one good for another. If, however, there are ten goods in a barter economy, then one needs to know ________ prices in order to exchange one good for another.

Dennis notices that jackets are on sale for $99. In this case money is functioning as a ________.

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

A smart card is the equivalent of ________.

Explain how cigarettes could be called "money" in prisoner-of-war camps of World War II.

The M1+ measure of money includes ________.

During the past two decades an important characteristic of the modern payments system has been the rapidly increasing use of ________.

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

A fall in the level of prices ________.

Money is ________.

If there are four goods in a barter economy, then one needs to know ________ prices in order to exchange one good for another.

If an individual redeems a Canada savings bond for currency, ________.

As a store of value, money ________.

All of the following are necessary criteria for a commodity to function as money except ________.

When paper currency is decreed by governments as legal tender, legally it must be ________.

If an individual redeems a Canada savings bond for currency, ________.

In explaining the evolution of money, ________.

In the money index used by the Bank of Canada: M = X₁ + X₂ + ... + X_n, the n monetary components have ________.