ECON 248 UNIT 5 COMPREHENSIVE TEST
BANK COMPLETE QUESTIONS AND
ANSWERS PRACTICE SOLUTION VERIFIED
◉ The U.S. dollar today is an example of:
Specie money.
Fiat money.
Commodity-backed currency.
Commodity money.
Virtual currency.. Answer: Fiat money
,◉ Which of the following would NOT be considered a major role
played by banks?
To serve as a depository institution.
To lower transaction costs.
To serve as a tax payment center.
To act as a payment system to settle transactions.
To serve as intermediaries between parties.. Answer: To serve as a tax
payment center
◉ A gold coin would be an example of:
Representative money.
, Commodity money.
Commodity-backed currency.
Fiat money.
Virtual currency.. Answer: Commodity money
◉ A system of exchange where goods or services are directly
exchanged for other goods or services without using is known as:
A command economy.
A virtual market system.
A free market system
BANK COMPLETE QUESTIONS AND
ANSWERS PRACTICE SOLUTION VERIFIED
◉ The U.S. dollar today is an example of:
Specie money.
Fiat money.
Commodity-backed currency.
Commodity money.
Virtual currency.. Answer: Fiat money
,◉ Which of the following would NOT be considered a major role
played by banks?
To serve as a depository institution.
To lower transaction costs.
To serve as a tax payment center.
To act as a payment system to settle transactions.
To serve as intermediaries between parties.. Answer: To serve as a tax
payment center
◉ A gold coin would be an example of:
Representative money.
, Commodity money.
Commodity-backed currency.
Fiat money.
Virtual currency.. Answer: Commodity money
◉ A system of exchange where goods or services are directly
exchanged for other goods or services without using is known as:
A command economy.
A virtual market system.
A free market system
