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To
an economist, ________ is anything that is generally accepted in
payment for goods and
services
or in the repayment of debt.
Which
of the following is a true statement?
________
are the time and resources spent trying to exchange goods and
services.
All
of the following are necessary criteria for a commodity to function
as money except
When
money prices are used to facilitate comparisons of value, money is
said to function as a
ruler.
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.
________
is the relative ease and speed with which an asset can be converted
into a medium of
exchange.
A
fall in the level of prices
Paper
currency that has been declared legal tender but is not convertible
into coins or precious
metals
is called ________ money.
Which
of the following is not included in the monetary aggregate M2?
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