Macroeconomics: The Monetary System Exam Solution Manual Already Passed
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Macroeconomics
Institution
Macroeconomics
Macroeconomics: The Monetary System Exam Solution Manual Already Passed
money - Answers the set of assets in an economy that people regularly use to buy goods and services from other people
functions of money - Answers 1. medium of exchange 2. unit of account 3. store of value
medium of exchang...
Macroeconomics: The Monetary System Exam Solution Manual Already Passed
money - Answers the set of assets in an economy that people regularly use to buy goods and services
from other people
functions of money - Answers 1. medium of exchange 2. unit of account 3. store of value
medium of exchange - Answers function of money: an item that buyers give to sellers when they want to
purchase goods and services
unit of account - Answers function of money: the yardstick people use to post prices and record debts
store of value - Answers function of money: an item that people can use to transfer purchasing power
from the present to the future
liquidity - Answers the ease with which an asset can be converted into the economy's medium of
exchange
commodity money - Answers money that takes the form of a commodity with intrinsic value
gold, cigarettes - Answers what is an example of commodity money?
fiat money - Answers money without intrinsic value that is used as money because of government
decree
money stock - Answers the amount of money circulating in the economy
currency - Answers the paper bills and coins in the hands of the public
demand deposits - Answers balances in bank accounts that depositors can access on demand by writing
a check
M1 - Answers measure of money stock in US: includes demand deposits, traveler's checks, other
checkable deposits, and currency
M2 - Answers measure of money stock in US: includes savings deposits, small time deposits, money
market mutual funds, demand deposits, traveler's checks, and currency
Federal Reserve - Answers the central bank of the United States, the agency which regulates the US
system of fiat money
central bank - Answers an institution designed to oversee the banking system and regulate the quantity
of money in the economy
the chairman--Ben Bernake - Answers the most important member of the board of governors of the fed
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