economics question 6

| August 14, 2017

5.2
7.

The public debt is the:
A) Amount of U.S. paper
currency in circulation
B) Ratio of all past deficits to all past surpluses
C) Total of all past deficits minus all past surpluses
D) Difference between current government expenditures and revenues
11.

Which is an important
problem associated with the public debt?
A) Payments of interest on the debt lead to greater income equality
B) Interest payments on the debt tend to improve economic incentives to work
and produce more unemployment
C) Government borrowing to finance the debt may increase the level of private
investment
D) Payment of interest on the debt held by foreigners transfers real resources
to other countries
5.3
2.

Which of the following is
an example of representative money?
A) an IOU note
B) diamonds
C) gold earrings
D) a fur coat
4.

Which is the definition of
liquidity?
A) Liquidity is the rate of return on assets held in banks
B) Liquidity is the tax rate applied to the earnings from assets held in banks
C) Liquidity is the ease with which financial assets can be converted into
money
D) Liquidity is the profit margin banks can earn on demand deposits
5.

When money specifies the
value of something, what function does it serve?
A) medium of exchange
B) store of value
C) unit of measurement
D) standard of payment
6.

What function does money
serve when you trade it for some good or service?
A) medium of exchange
B) unit of measurement
C) store of value
D) standard of payment
7.

Match the statement to the
definition that fits the best.

A.Johnny washes Mrs. Smith’s car. She offers to pay Johnny with
cookies but Johnny prefers cash.

B.Johnny puts the money he earns from washing cars under his
mattress. He will spend it later.

C.Johnny has $30. He knows he can either buy one pair of jeans or
two CDs with that money.

Measure of Value
Medium of Exchange
Store of Value

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