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Exam (elaborations)

Econ Test 4(A+ Graded)

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Money that only has value because the government gives it to the money is called: correct answers fiat money Silver or gold coins used to buy goods and services would be an example of: correct answers commodity money American dollars are made out of cotton/linen rather than paper. Money in Gu...

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  • September 19, 2024
  • 2
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • Econ
  • Econ
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sh3rrymagdah
Econ Test 4(A+ Graded)
Money that only has value because the government gives it to the money is called: correct answers fiat
money


Silver or gold coins used to buy goods and services would be an example of: correct answers commodity
money


American dollars are made out of cotton/linen rather than paper. Money in Guatemala and Australia are
made out of plastic. These are both examples of countries trying to make their money correct answers
durable


credit is correct answers the absence of money and borrowing it.


An institution for receiving, keeping, and lending money is known as a correct answers Bank


Who shot Alexander Hamilton in the Famous duel in 1804, killing the main supporter of the Bank of the
United States? correct answers Aaron Burr


Sometimes mistaken for the results of eating too much taco bell, this occurs when a bank does not keep
adequate reserves of gold and silver in their vault. Causing panic and people to pull out all of their paper
money from banks, are known as correct answers Bank Runs


There are 12 regional Federal Reserve banks called correct answers Member Banks


To bring stability to banking in the United States this President was integral in putting us on the Gold
Standard correct answers McKinley


Of the asset options below, which one the the most "Liquid"? correct answers Gold Bars


The fee for borrowing money is known as? correct answers Interest


M2 consist of all the assets in M1, plus deposits in savings accounts and money market mutual funds.
correct answers True

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