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THE ECONOMICS OF MONEY BANKING AND FINANCIAL MARKETS ACTUAL TEST BANK TESTED QUESTIONS WITH VERIFIED SOLUTIONS

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THE ECONOMICS OF MONEY BANKING AND FINANCIAL MARKETS ACTUAL TEST BANK TESTED QUESTIONS WITH VERIFIED SOLUTIONS

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THE ECONOMICS OF MONEY BANKING
AND FINANCIAL MARKETS ACTUAL TEST
BANK TESTED QUESTIONS WITH VERIFIED
SOLUTIONS

●● Double Coincidence of Wants
Answer: When two people each have something the other wants in order
to trade


●● Money
Answer: Anything generally accepted as payment for goods and services


●● Wealth
Answer: The total collection of assets a person owns


●● Income
Answer: Flow of earnings per unit of time


●● Commodity Money
Answer: Money that has intrinsic value like gold or silver


●● Fiat Money

, Answer: Money that has value because the government says it does


●● Medium of Exchange
Answer: Function of money that allows it to be used to buy goods and
services


●● Unit of Account
Answer: Function of money that allows it to measure the value of goods
and services


●● Store of Value
Answer: Function of money that allows purchasing power to be saved
for the future


●● Purchasing Power
Answer: The amount of goods and services money can buy


●● Inflation
Answer: A rise in price levels that decreases purchasing power


●● Liquidity
Answer: Ease with which an asset can be converted into cash

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