.Western University ECON MISC 2154 TEST BANK FOR EXAM 2020
Chapter 3 What Is Money?
3.1 Meaning of Money
1) A person's house is part of her ________.
A) money
B) income
C) liabilities
D) wealth
Answer: D
Diff: 1 Type: MC
Skill: Recall
Objective: 3.1 Describe what money is
2) Money is ________.
A) anything that is generally accepted in payment for goods and services or in the repay
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Chapter 3 What Is Money?
3.1 Meaning of Money
1) A person's house is part of her ________.
A) money
B) income
C) liabilities
D) wealth
Answer: D
Diff: 1 Type: MC
Skill: Recall
Objective: 3.1 Describe what money is
2) Money is ________.
A) anything that is generally accepted in payment for goods and services or in the repayment of
debt
B) a flow of earnings per unit of time
C) the total collection of pieces of property that are a store of value
D) always based on a precious metal like gold or silver
Answer: A
Diff: 1 Type: MC
Skill: Recall
Objective: 3.1 Describe what money is
3) To an economist, ________ is anything that is generally accepted in payment for goods and
services or in the repayment of debt.
A) wealth
B) income
C) money
D) credit
Answer: C
Diff: 1 Type: MC
Skill: Recall
Objective: 3.1 Describe what money is
4) Currency is defined as ________.
A) anything accepted for payment of goods and services
B) paper money and coins
C) a unit of account
D) foreign exchange
Answer: B
Diff: 1 Type: MC
Skill: Recall
Objective: 3.1 Describe what money is
5) Money is ________.
A) the same as currency
B) anything that is generally accepted in payment of goods or services or in the repayment of
debts
C) not used as a unit of account
D) defined as paper money and coins
Answer: B
Diff: 1 Type: MC
Skill: Recall
Objective: 3.1 Describe what money is
6) Currency includes ________.
A) paper money and coins
B) paper money, coins, and cheques
C) paper money and cheques
D) paper money, coins, cheques, and savings deposits
Answer: A
Diff: 1 Type: MC
Skill: Recall
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