If a person withdraws $500 from his/her savings account and puts it in his/her checking account, then M1 will ________ and M2 will ________.
A. increase; decrease
B. increase; not change
C. not change; decrease
D. not change; increase
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Liquidity is defined as
A. the ease with which a given asset can be converted to a store of value.
B. the ease with which a given asset can be converted to a unit of account.
C. the ease with which a given asset can be converted to a medium of exchange.
D. the ease with which a given asset can be converted to a standard of deferred payment.
Dollar bills in the modern economy serve as money because
A. they are backed by the gold stored in Fort Knox.
B. they can be redeemed for gold by the central bank.
C. they have value as a commodity independent of their use as money.
D. people have confidence that others will accept them as money
People hold money as opposed to financial assets because money
A. a. earns interest.
B. b. is perfectly liquid.
C. c. earns no interest.
D. d. earns a higher return than other financial assets.
The statement, "My iPhone is worth $700" represents money's function as
A. a. a medium of exchange.
B. b. a unit of account.
C. c. a store of value.
D. d. a standard of deferred payment.
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