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ECO 4223 LUTHER EXAM 1 QUESTIONS WITH CORRECT ANSWERS.pdf

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ECO 4223 LUTHER EXAM 1 QUESTIONS WITH CORRECT ANSWERS.pdf

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Uploaded on
November 10, 2025
Number of pages
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Written in
2025/2026
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  • eco 4223 luther exam 1 questions with correct answ

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ECO 4223 LUTHER EXAM 1
QUESTIONS WITH CORRECT
ANSWERS
MoneyT-TCORRECTTANSWERScommonlyTacceptedTmediumTofTexchange



·CommonTfunctionsTofTmoneyT-
TCORRECTTANSWERSoTMediumTofTexchangeT(necessary,TbutTnotTsufficient)



oTStoreTofTvalueT(necessary,TbutTtrivial)

oTUnitTofTaccountT(unnecessary)



InsideTMoneyT-
TCORRECTTANSWERS(bankTmoney)TcreatedTwithinTbankingTsystemTandTisTaTclaimTtoTsomeTotherTas


setTthatTisTusedTtoTmakeTpayments.



InsideTMoneyTExampleT-
TCORRECTTANSWERSCheckingTaccount,TbankTowesTyouTthatTmoneyTandTyouTcanTuseTaTdebitTcardTt


oTmakeTaTpayment.



OutsideTMoneyT-
TCORRECTTANSWERS(baseTmoney)TcreatedToutsideTbankingTsystemTandTisTmoneyTusedTforTfinalTse


ttlementTbecauseTit'sTnotTredeemable.



OutsideTMoneyTExampleT-TCORRECTTANSWERS$100TbillT(cashTisTnotTredeemable)



CommodityTMoneyT-
TCORRECTTANSWERSisTaTgoodTthatTisTusedTasTmoney.THistoricalTexamplesTincludeTgold,TsilverTandTs


alt.

, FiatTMoneyT-
TCORRECTTANSWERSisTanTitemTthatThasTnoTuseTapartTfromTbeingTaTcommonlyTacceptedTmediumTo


fTexchange.TModernTexamplesTtheTdollarTandTeuros.



WhyTDoTWeTUseTMoney?T(2Tviews)T-TCORRECTTANSWERS1)THistoricalTMaterialistTViewT

2)TEconomicTView



HistoricalTMaterialistTViewT-TCORRECTTANSWERS(AnthropologistTfavor)TmoneyTisTaTrevenue-
raisingTtechnologyTintroducedTbyTgovernmentsTtoTcollectTtaxesTmoreTeffectively.



EconomicTViewT-
TCORRECTTANSWERS(EconomistsTfavor)TmoneyTisTaTproductiveTtechnologyTthatTreducesTtransactio


nTcostsThence,TfacilitatesTexchange.



StateTTheoryTofTMoneyT-
TCORRECTTANSWERSorTchartalism,TmaintainsTthatTmoneyTwasTcreatedTbyTtheTgovernment.




ToolsTgovernmentsTuseTtoTdetermineTmediumTofTexchangeT(4)T-
TCORRECTTANSWERSoTPublicTreceivability



oTLegalTtenderTstatus

oTForcedTmoneyTlaws

oTBanTalternatives



PublicTReceivabilityT-
TCORRECTTANSWERStheTgovernmentTcommitsTtoTacceptingTtaxesTandTmakingTpurchasesTwithTit.




LegalTtenderTstatusT-
TCORRECTTANSWERScourtsTareTrequiredTtoTrecognizeTtheTitemTasTsatisfactoryTpaymentTofTanyTdeb


t,TandTsettleTdisputesTbyTrequiringTpaymentTinTtheTitem.
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