If
your nominal income in 1998 is $50,000, and prices increase by 50%
between 1998 and 2008, then to have the same real income, your
nominal income in 2008 must be

Paper
currency that has been declared legal tender but is not convertible
into coins or precious  


metals
is called ________ money.

A
fall in the level of prices

________
is the relative ease and speed with which an asset can be converted
into a medium of  


exchange.

If
there are five goods in a barter economy, one needs to know ten
prices in order to exchange  


one
good for another. If, however, there are ten goods in a barter
economy, then one needs to  


know
________ prices in order to exchange one good for another.

When
money prices are used to facilitate comparisons of value, money is
said to function as a

All
of the following are necessary criteria for a commodity to function
as money except

________
are the time and resources spent trying to exchange goods and
services.

Which
of the following is a true statement?

To
an economist, ________ is anything that is generally accepted in
payment for goods and  


services
or in the repayment of debt.