Microeconomics > QUESTIONS & ANSWERS > Sophia Macro Unit 3 Challenge 1 Questions and Answers Already Passed (All)

Sophia Macro Unit 3 Challenge 1 Questions and Answers Already Passed

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When I use money to purchase a movie ticket, my dollars are acting as a __________. b.) medium of exchange When store owners quote prices in terms of dollars, money is acting as a __________. b.) ... unit of account The double coincidence of wants challenge is faced when we __________. d.) attempt to barter to attain goods As the use of gold as currency became more standardized, what happened to the gold trade? b.) Banks printed paper money to represent a specific amount of gold in the vault. Which of the following choices is a reason why gold became a form of currency? b.) It is almost impossible to counterfeit. Which of the following describes what happened to the gold trade as the use of gold as currency became more standardized? b.) People began to write checks instead of actually transferring gold. What is the central issue that causes bank runs and panics? a.) Banks print more money than they have gold in their vaults This study source was downloaded by 100000831988016 from CourseHero.com on 06-22-2022 15:52:28 GMT -05:00 https://www.coursehero.com/file/76353069/Macro-Unit-3-Challange-1docx/ Which of the following can be described as when a bank holds a part of its gold and loans out the rest? d.) Fractional reserve Which of the following statements about fiat currency is true? a.) Fiat currency is dependent on trust that it will be widely accepted. Before a Central Bank was established in the United States, people known as __________ were able to buy and sell the monies from individual states. c.) currency traders Which answer below explains why some might have FAVORED the old banking system? a.) Currency traders could make a lot of money by exchanging it between cities. Some of the founding fathers were initially against a Central Bank because __________. c.) the control of the English bank over the colonies Which of the following statements regarding central banks is true? c.) A central bank is charged with the regulation of money supply and interest rates. Which of the following statements regarding central banks is true? a.) A central bank has the sole authority with respect to the money supply. This study source was downloaded by 100000831988016 from CourseHero.com on 06-22-2022 15:52:28 GMT -05:00 https://www.coursehero.com/file/76353069/Macro-Unit-3-Challange-1docx/ Which of the following describes a way that central banks strengthened the value of currency? a.) Over time, the banking system becomes less reliant on the gold standard. Which of the following statements about the Federal Reserve is true? [Show More]

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