Giving up a dollar bill to purchase an ice cream cone best illustrates money's function as a
A. store of wealth.
B. unit of account.
C. medium of exchange.
D. standard of value.
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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
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.