ECON 312 Exam 1 Gueye Question
and answers rated A+ 2025
money - correct answer anything that can be used for the purchase of goods
and services
asset - correct answer piece of property that carries value
wealth - correct answer assets-liabilities
-medium of exchange
-unit of account
-store of value - correct answer 3 main function of money
purchasing goods and services - correct answer primary function of money
"buying" or "purchasing" - correct answer means taking a good or service in
exchange for money
barter trade system - correct answer when good/service is traded for a
good/service
double coincidence of wants - correct answer in order for the barter trade
system to work there needs to always be..
-individual A must have what individual B needs
, -individual B must have what individual A needs - correct answer for double
coincidence to occur (2)
efficient - correct answer an economic system with money is more
__________
value - correct answer money is also a unit of measurement; it measures
__________
value in use - correct answer the usefulness of a good/service
value in exchange - correct answer the price of a good/service
goods in the economy - correct answer the number of prices increases
exponentially with the number of...
[n(n-1)]/2 - correct answer number of prices equals
liquidity - correct answer how easy it is to turn an asset int a means of
exchange
cash - correct answer most liquid asset
cash->debit card->checks->Amazon stock->private jet - correct answer most
to least liquid assets
-transaction
-precaution
and answers rated A+ 2025
money - correct answer anything that can be used for the purchase of goods
and services
asset - correct answer piece of property that carries value
wealth - correct answer assets-liabilities
-medium of exchange
-unit of account
-store of value - correct answer 3 main function of money
purchasing goods and services - correct answer primary function of money
"buying" or "purchasing" - correct answer means taking a good or service in
exchange for money
barter trade system - correct answer when good/service is traded for a
good/service
double coincidence of wants - correct answer in order for the barter trade
system to work there needs to always be..
-individual A must have what individual B needs
, -individual B must have what individual A needs - correct answer for double
coincidence to occur (2)
efficient - correct answer an economic system with money is more
__________
value - correct answer money is also a unit of measurement; it measures
__________
value in use - correct answer the usefulness of a good/service
value in exchange - correct answer the price of a good/service
goods in the economy - correct answer the number of prices increases
exponentially with the number of...
[n(n-1)]/2 - correct answer number of prices equals
liquidity - correct answer how easy it is to turn an asset int a means of
exchange
cash - correct answer most liquid asset
cash->debit card->checks->Amazon stock->private jet - correct answer most
to least liquid assets
-transaction
-precaution
