Exam 3: What Is Money

During hyperinflations

The M2 monetary aggregate contains everything that is in M1 plus other assets that are highly ________ (can be turned into cash quickly at very little cost).

Compared to an electronic payments system,a payments system based on checks has the major drawback that

If an individual moves money from a money market deposit account to currency

A disadvantage of ________made from precious metals is that it is very heavy and hard to transport from one place to another.

The components of the U.S.M1 money supply are demand and checkable deposits plus

Even economists have no single,precise definition of money because

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

Of money's three functions,the one that distinguishes money from other assets is its function as a

Money is

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

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.

Which of the following is included in both M1 and M2?

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

For a commodity to function effectively as money it must be

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

Currency includes

Which of the following statements best explains how the use of money in an economy increases economic efficiency?

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

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