Chapter 16 Money and the Banking System

| November 9, 2018

51)
Money solves the problem of double coincidence of wants that would regularly
occur under a system of credit.

52)
Inflation makes money an imperfect store of value.

53)
Fiat money refers to a monetary system in which gold backs up paper money.

54)
In the United States today, the government will exchange gold or silver for
paper money.

55)
Credit cards are regularly used in economic exchanges, so credit card balances
are included in the definition of money.

56)
Economists use M2 to measure the amount of money that is regularly used in
transactions.

57)
M1 is larger than M2.

58)
Money market mutual funds are hard to classify because they are used both for
making transactions and savings.

59)
Credits cards are NOT a part of the M1 or M2 money supply.

60)
Define “money.”

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