Which of the following types of currency has intrinsic value?
A. commodity money
B. fiat money
C. both commodity money and fiat money
D. neither commodity money nor fiat money
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Which of the following is not contained in M1?
A. currency
B. demand deposits
C. savings deposits
D. traveler’s checks
Credit cards are a
A. store of value.
B. method of deferring payments.
C. medium of exchange included in both M1 and M2.
D. All of the above are correct.
Velocity is computed as
A. (P*M)/Y.
B. (Y*M)/P.
C. (P*Y)/M.
D. (Y*M)/V.
Shoeleather costs refer to
A. the cost of more frequent price changes induced by higher inflation.
B. resources used to maintain lower money holdings when inflation is high.
C. the distortion in resource allocation created by distortions in relative prices due to inflation.
D. the distortion in incentives, created by inflation, by taxes that do not adjust for inflation.
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