ECON MISC 2154 TEST BANK FOR EXAM 2020/2021 ( Econ
u u u u u u u u u
omics of Money, Banking, and Financial Markets 6e (Mishkin)
u u u u u u u u u
Chapter 3)LATEST u
2154 TEST BANK FOR EXAM 2020/
u u u u u
2021
Economics of Money, Banking, and Financial Markets 6e (Mishkin)C
u u u u u u u u u
hapter 3 What Is Money? u u u u
3.1 Meaning of Money u u
1) A person's house is part of her
u u u u u u .
A) money
B) income
C) liabilities
D) wealth u
Answer: D u
Diff: 1 u
Type: MC u u
Skill: Recall
u
Objective: 3.1 Describe what money is u u u u u
2) Money is . u
A) anything that is generally accepted in payment for goods and services or in the repayment ofdebt
u u u u u u u u u u u u u u u u
B) a flow of earnings per unit of time
u u u u u u u
C) the total collection of pieces of property that are a store of value
u u u u u u u u u u u u
D) always based on a precious metal like gold or silverA
u u u u u u u u u u
nswer: A u
Diff: 1 u
Type: MC u u
Skill: Recall
u
Objective: 3.1 Describe what money is u u u u u
3) To an economist,
u u
is anything that is generally accepted in payment for goods andservices or in the repayment of d
u u u u u u u u u u u u u u u u u
ebt.
A) wealth
B) income
C) money
D) credit A u
nswer: C u
Diff: 1 u
Type: MC u u
Skill: Recall
u
Objective: 3.1 Describe what money is u u u u u
4) Currency is defined as u u u .
,ECON MISC 2154 TEST BANK FOR EXAM 2020/2021 ( Econ
u u u u u u u u u
omics of Money, Banking, and Financial Markets 6e (Mishkin)
u u u u u u u u u
Chapter 3)LATEST u
A) anything accepted for payment of goods and services
u u u u u u u
B) paper money and coins
u u u
C) a unit of account
u u u
D) foreign exchange
u u
Answer: B
u
,ECON MISC 2154 TEST BANK FOR EXAM 2020/2021 ( Econ
u u u u u u u u u
omics of Money, Banking, and Financial Markets 6e (Mishkin)
u u u u u u u u u
Chapter 3)LATEST u
Diff: 1 u
Type: MC u u
Skill: Recall
u
Objective: 3.1 Describe what money is u u u u u
5) Money is . u
A) the same as currency
u u u
B) anything that is generally accepted in payment of goods or services or in the repayment ofdebt
u u u u u u u u u u u u u u u u
s
C) not used as a unit of account
u u u u u u
D) defined as paper money and coins u u u u u u
Answer: B u
Diff: 1 u
Type: MC u u
Skill: Recall
u
Objective: 3.1 Describe what money is u u u u u
6) Currency includes . u
A) paper money and coins u u u
B) paper money, coins, and cheques
u u u u
C) paper money and cheques u u u
D) paper money, coins, cheques, and savings depositsA
u u u u u u u
nswer: A u
Diff: 1 u
Type: MC u u
Skill: Recall
u
Objective: 3.1 Describe what money is u u u u u
7) There is no single precise measure of money or the money supply for economists because
u u u u u u u u u u u u u u
u .
A) the government considers money supply statistics to be confidential and refuses to publishthe
u u u u u u u u u u u u u
m
B) deciding what is generally accepted in payment for goods and services or in the repaymentof d
u u u u u u u u u u u u u u u u
ebt is difficult to determine
u u u u
C) economists cannot agree if currency should be considered money u u u u u u u u
D) definitions change all the time u u u u u
Answer: B u
Diff: 2 u
Type: MC u u
Skill: Recall
u
Objective: 3.1 Describe what money is u u u u u
8) Even economists have no single, precise definition of money because
u . u u u u u u u u
A) money supply statistics are a state secret
u u u u u u
B) the Bank of Canada does not employ or report different measures of the money supply
u u u u u u u u u u u u u u
, ECON MISC 2154 TEST BANK FOR EXAM 2020/2021 ( Econ
u u u u u u u u u
omics of Money, Banking, and Financial Markets 6e (Mishkin)
u u u u u u u u u
Chapter 3)LATEST u
C) the "moneyness" or liquidity of an asset is a matter of degree
u u u u u u u u u u u
D) economists find disagreement interesting and refuse to agree for ideological reasonsAn
u u u u u u u u u u u
swer: C u
Diff: 2
u
Type: MC u u
Skill: Recall
u
Objective: 3.1 Describe what money is
u u u u u
u u u u u u u u u
omics of Money, Banking, and Financial Markets 6e (Mishkin)
u u u u u u u u u
Chapter 3)LATEST u
2154 TEST BANK FOR EXAM 2020/
u u u u u
2021
Economics of Money, Banking, and Financial Markets 6e (Mishkin)C
u u u u u u u u u
hapter 3 What Is Money? u u u u
3.1 Meaning of Money u u
1) A person's house is part of her
u u u u u u .
A) money
B) income
C) liabilities
D) wealth u
Answer: D u
Diff: 1 u
Type: MC u u
Skill: Recall
u
Objective: 3.1 Describe what money is u u u u u
2) Money is . u
A) anything that is generally accepted in payment for goods and services or in the repayment ofdebt
u u u u u u u u u u u u u u u u
B) a flow of earnings per unit of time
u u u u u u u
C) the total collection of pieces of property that are a store of value
u u u u u u u u u u u u
D) always based on a precious metal like gold or silverA
u u u u u u u u u u
nswer: A u
Diff: 1 u
Type: MC u u
Skill: Recall
u
Objective: 3.1 Describe what money is u u u u u
3) To an economist,
u u
is anything that is generally accepted in payment for goods andservices or in the repayment of d
u u u u u u u u u u u u u u u u u
ebt.
A) wealth
B) income
C) money
D) credit A u
nswer: C u
Diff: 1 u
Type: MC u u
Skill: Recall
u
Objective: 3.1 Describe what money is u u u u u
4) Currency is defined as u u u .
,ECON MISC 2154 TEST BANK FOR EXAM 2020/2021 ( Econ
u u u u u u u u u
omics of Money, Banking, and Financial Markets 6e (Mishkin)
u u u u u u u u u
Chapter 3)LATEST u
A) anything accepted for payment of goods and services
u u u u u u u
B) paper money and coins
u u u
C) a unit of account
u u u
D) foreign exchange
u u
Answer: B
u
,ECON MISC 2154 TEST BANK FOR EXAM 2020/2021 ( Econ
u u u u u u u u u
omics of Money, Banking, and Financial Markets 6e (Mishkin)
u u u u u u u u u
Chapter 3)LATEST u
Diff: 1 u
Type: MC u u
Skill: Recall
u
Objective: 3.1 Describe what money is u u u u u
5) Money is . u
A) the same as currency
u u u
B) anything that is generally accepted in payment of goods or services or in the repayment ofdebt
u u u u u u u u u u u u u u u u
s
C) not used as a unit of account
u u u u u u
D) defined as paper money and coins u u u u u u
Answer: B u
Diff: 1 u
Type: MC u u
Skill: Recall
u
Objective: 3.1 Describe what money is u u u u u
6) Currency includes . u
A) paper money and coins u u u
B) paper money, coins, and cheques
u u u u
C) paper money and cheques u u u
D) paper money, coins, cheques, and savings depositsA
u u u u u u u
nswer: A u
Diff: 1 u
Type: MC u u
Skill: Recall
u
Objective: 3.1 Describe what money is u u u u u
7) There is no single precise measure of money or the money supply for economists because
u u u u u u u u u u u u u u
u .
A) the government considers money supply statistics to be confidential and refuses to publishthe
u u u u u u u u u u u u u
m
B) deciding what is generally accepted in payment for goods and services or in the repaymentof d
u u u u u u u u u u u u u u u u
ebt is difficult to determine
u u u u
C) economists cannot agree if currency should be considered money u u u u u u u u
D) definitions change all the time u u u u u
Answer: B u
Diff: 2 u
Type: MC u u
Skill: Recall
u
Objective: 3.1 Describe what money is u u u u u
8) Even economists have no single, precise definition of money because
u . u u u u u u u u
A) money supply statistics are a state secret
u u u u u u
B) the Bank of Canada does not employ or report different measures of the money supply
u u u u u u u u u u u u u u
, ECON MISC 2154 TEST BANK FOR EXAM 2020/2021 ( Econ
u u u u u u u u u
omics of Money, Banking, and Financial Markets 6e (Mishkin)
u u u u u u u u u
Chapter 3)LATEST u
C) the "moneyness" or liquidity of an asset is a matter of degree
u u u u u u u u u u u
D) economists find disagreement interesting and refuse to agree for ideological reasonsAn
u u u u u u u u u u u
swer: C u
Diff: 2
u
Type: MC u u
Skill: Recall
u
Objective: 3.1 Describe what money is
u u u u u
