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THE ECONOMICS OF MONEY BANKING AND FINANCIAL MARKETS COMPREHENSIVE EXAMINATION TEST COMPLETE QUESTIONS AND CORRECT ANSWERS

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THE ECONOMICS OF MONEY BANKING AND FINANCIAL MARKETS COMPREHENSIVE EXAMINATION TEST COMPLETE QUESTIONS AND CORRECT ANSWERS

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THE ECONOMICS OF MONEY BANKING
AND FINANCIAL MARKETS
COMPREHENSIVE EXAMINATION TEST
COMPLETE QUESTIONS AND CORRECT
ANSWERS

●● medium of exchange
Answer: anything that is used to determine value during the exchange of
g/s


●● barter
Answer: direct exchange of one set of g/s for another


●● unit of account
Answer: money provides a means for comparing the values of g/s


●● store of value
Answer: money keeps its value if you decide to hold on to it instead of
spending it


●● currency
Answer: coins and paper bills used as money

, ●● 6 characteristics of money
Answer: durable, uniform, divisible, limited supply of money,
acceptable as a form of payment, and portable


●● commodity money
Answer: consists of objects that have value in and of themselves and that
are also used as money


●● representative money
Answer: makes use of objects that have value solely because the holder
can exchange them for something else of value


●● specie
Answer: coins made of gold or silver


●● fiat money or legal tender
Answer: has value because a government has decreed that it is an
acceptable means to pay debts


●● national bank
Answer: a bank chartered, or licensed, by the federal government

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