Which of the following best illustrates the medium of exchange function of money? ()
A. You keep some money hidden in your shoe.
B. You sell items on eBay, and your prices are stated in terms of dollars.
C. You pay for your hamburgers using currency.
D. None of the above is correct.
Economists use the term “money” to refer to ()
A. all wealth.
B. all assets, including real assets and financial assets.
C. all financial assets, but not real assets.
D. those assets that are regularly accepted by sellers in exchange for goods and services.
Which of the following does the central bank (like Federal Reserve) not do?
A. It controls the supply of money.
B. It acts as a lender of last resort to banks.
C. It makes loans to any qualified business that requests one.
D. It tries to ensure the health of the banking system.
When conducting an open-market sale, the Fed ()
A. buys government bonds, and in so doing increases the money supply.
B. buys government bonds, and in so doing decreases the money supply.
C. sells government bonds, and in so doing increases the money supply.
D. sells government bonds, and in so doing decreases the money supply.
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