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What Is Money?
Test Description: Econ mini unit #1
Instructions: Answer all questions to get your test result.
1) What is the “double coincidence of wants’?
A
When two parties have goods to trade and one party does not want the other’s trade good
B
When two parties have goods to trade and agree to trade one for the other.
2) What is the solution to the “double coincidence of wants’?
A
Money
B
Bartering
3) The function of money that solves the ‘double coincidence of wants’ is as a
A
Long term store of value
B
Medium of exchange (commonly accepted method of paying for things)
4) What problem does money solve as a medium of exchange that replaces goods like meat or crops?
A
Assets like meat or crops don’t last forever
B
People don’t need meat or crops
5) Because money lasts a long time, it is a better _______ than a physical trade-good like meat or crops.
A
store of value
B
product
6) How has money solved disagreements about the value of assets?
A
By creating ‘units of account’, or prices
B
By eliminating the need for negotiation
7) In economic terms, what is supply?
A
How much, and how many, people want to buy a good or service
B
The total amount of a specific good or service that is available to consumers
8) In economic terms, what is demand?
A
How much, and how many, people want to buy a good or service
B
The total amount of a specific good or service that is available to consumers
9) How can supply and demand impact prices?
A
Greater demand can lead to higher prices
B
Greater supply can lead to higher prices
10) What is equilibrium price?
A
The price at which supply meets demand
B
When prices are too high for consumers
11) What is ‘fiat’ money?
A
Money that I can use for things other than paying for goods and services.
B
Money that has no intrinsic value in itself; it only has value because we have all agreed that it does
12) Higher prices mean money is worth ______
A
Less
B
More
13) Lower prices mean money is worth ______
A
More
B
Less
14) More money in circulation means ______ prices
A
Lower
B
Higher
15) Less money in circulation means ______ prices
A
Lower
B
Higher
16) What is the CPI?
A
Cardiopulmonary Resuscitation
B
Consumer Price Index
17) What does the CPI measure?
A
The cost of health care
B
The average change in price, over time, of consumer goods and services
*select an answer for all questions
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