1) Which of the following statements is true of money? 1) Only gold and silver q

Question

1) Which of the following statements is true of money? 1) Only gold and silver qualify as money 2) Any commodity can be used as money, so long as it is portable and fungible 3) Money is created by government and cannot exist in a state of anarchy. 4) The value of money is determined by government 5) Money is the primary, essentially exclusive, focus of economic analysis 2) The supply of money in the U.S. economy is determined primarily by 1) decisions made by the Federal Reserve and the U.S. Treasury 2) the actions of the Federal Reserve and the banking system. 3) consumers and the banking system. 4) the demand for money in the economy 5) none of the above 3) Money i 1) anything that is regularly used and generally accepted in economic transactions or exchanges 2) necessary to conduct economic transactions 3) facilitates specialization in production 4) anything the government declares to have value 5) none of the above 4) Which of the following can be used as money? 1) checks 2) cigarettes 3) precious stones 4) all of the above 5) none of the above 5) When money is accepted as payment for a good or service, it is being used as a- 1) medium of exchange 2) store of value 3) unit of account 4) a mechanism for transforming current purchases into future purchases 5) none of the above

Explanation / Answer

1.. B..))

Any commodity can be used as money,so long as it is portable and fungible.

If a commodity is fungible and portable ,it is capable of mutual substitution.in past days,it was the main property of a commodity money.so a commodity can be considered as money as long it is portable and fungible

2.. B..))

The supply of money in the u.s economy is determined primarily by the actions of the Federal reserve and the banking system.

3.. A..))

Money is anything is generally accepted as a medium of exchange or economic transactions.it is used as payment of goods and services in exchange.

4.. D..)) all the above.

1.checks (representative)

2. cigarettes (commodity)

3. Precious stones (metals)

These are some types of money.

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