Exam 3: What Is Money

Income is a ________ and wealth is a ________.

Which of the following is not a form of e-money?

Which of the following statements uses the economists' definition of money?

A smart card is the equivalent of ________.

________ is the relative ease and speed with which an asset can be converted into a medium of exchange.

The M1+ measure of money includes ________.

What is a cheque? what are their advantages and disadvantages?

Which of the following is not included in the monetary aggregate M2?

Because it is a unit of account, money ________.

Money ________ transaction costs, allowing people to specialize in what they do best.

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

Compared to cheques, paper currency and coins have the major drawbacks that they ________.

A disadvantage of ________ is that it can be very heavy and hard to transport from one place to another.

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 the fact that ________.

Weighting monetary components in a simple-sum aggregate index ________.

In explaining the evolution of money, ________.

When we say that money is a stock variable, we mean that ________.

Compared to an electronic payments system, a payments system based on cheques has the major drawback that ________.

What factors have slowed down the movement to a system where all payments are made electronically?

In a barter economy the number of prices in an economy with N goods is ________.