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ECO4223 Exam Questions And Accurate Answers
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ECO4223 Exam Questions And Accurate AnswersMoney is defined as
Widely accepted means of exchange
A good is a ______ if prices are stated or recorded in terms of the good
Unit of account
_______ money is an asset for its possessor and liability of, or financial claim against its
issuer
Inshore
A(n) ______ for base money is a money that is used for final settlement. It is not a claim to
some other asset
Outside money
A(n) _______ money is a good that is used as money. It has both monetary and
non-monetary uses. Historical examples include gold, silver, and salt
Commodity
A money is said to be an _______ if it has no use apart from serving as a commonly
accepted medium of exchange. Modern examples include the dollar, euro, and renminbi
Fiat
When a government grants _______ courts are forced to accept the item as an adequate
payment of any monetary debt, and can resolve disputes with the rule of payment in the
item. A ______ on the other hand, insists the item be accepted on the spot in the market
place transaction
legal tender status, compulsory money law
When a government _______ it pledges to accept taxes and make purchases with it
Makes a monetary publicly receivable
One problem of the state theory of money is that
It requires the intelligence of realizing that someone must have recognized the
possibility of money before money was ever around
In a pure barter economy, each trader must face the problem of finding a trading
, partner with preferences and endowments complementary to his own. This has come to
be called the problem of finding a mutual
Coincidence of wants
Carl Menger's _______ theory of money describes a situation in which money develops
out of barter exchange. The result in his theory- a commonly accepted medium of
exchange- is a product of human actions, but not human designs
Spontaneous order
The _______- or price of money- is the quantity of goods or services one must surrender
to obtain one unit of money
Purchasing power of money
The purchasing power of money is equal to 1 ________ the price level
divided by
Which of the following price indices tracks the largest basket of goods and services
Consumer Price Index
The Consumer Price Index puts ______ weight on health insurance expenditures than the
Personal Consumption Expenditure Index because the CPI is designed to reflect
Less; only prices faced by consumers in their purchases with discretionary income
Using the data in Table 1, calculate the simple inflation rate from 1972 to 1973. Express
your answer as a percent to one decimal place. Table 1. Personal Consumption
Expenditures Price Index (PCEPI), 1970-1975 5.8 Using the data in Table 1, identify the
continuously compounding annual rate of inflation from 1972 to 1975. Get wrong
Using the information contained in Table 2, express the continuously compounding
annual rate of inflation from january 1970 to April 1970
Get error
_______ an increase in the average level of prices _____ a decline in the growth rate of
the price level
inflation, disinflation
The PCEPI was 95.5 in September 2008, 94.9 in October, 93.7 in November and 93.2 in
December 2008. Over the period from September to December 2008 the US
experienced _____
Deflation
The NES launched into the NA market in 1985 at a price of $180 (1985). In 2022 the
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