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- Mar 29, 2010
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Hello,
So I have a question about this, I know that fiat money is a money that have value because the gov't as ordered that it is an acceptable means to pay debts. What is representative money? Would the answer be B?
Thanks for any help!
The difference between representative money and fiat money is that
a. representative money can be converted into silver or gold; fiat money cannot.
b. representative money is worth more per dollar than fiat money, which is actually worthless.
c. fiat money is counted in coins; representative money is counted in paper dollars.
d. fiat money is more traditional than representative money, which is a newer concept.
The money supply of a country is made up of which of the following?
a. only the M1 money available in an economy
b. only the M2 money available in an economy
c. all the money available in an economy
d. all the money available in an economy plus money that the country could borrow
(I believe it's either A or B, not quite sure)
8. Why are funds in checking accounts called demand deposits?
a. They are available whenever the depositor writes a check for them.
b. They can be paid to anyone who writes and presents a check for them.
c. They will be paid without a check being drawn if necessary.
d. They are kept without interest by the bank.
(Is the correct answer D?)
So I have a question about this, I know that fiat money is a money that have value because the gov't as ordered that it is an acceptable means to pay debts. What is representative money? Would the answer be B?
Thanks for any help!
The difference between representative money and fiat money is that
a. representative money can be converted into silver or gold; fiat money cannot.
b. representative money is worth more per dollar than fiat money, which is actually worthless.
c. fiat money is counted in coins; representative money is counted in paper dollars.
d. fiat money is more traditional than representative money, which is a newer concept.
The money supply of a country is made up of which of the following?
a. only the M1 money available in an economy
b. only the M2 money available in an economy
c. all the money available in an economy
d. all the money available in an economy plus money that the country could borrow
(I believe it's either A or B, not quite sure)
8. Why are funds in checking accounts called demand deposits?
a. They are available whenever the depositor writes a check for them.
b. They can be paid to anyone who writes and presents a check for them.
c. They will be paid without a check being drawn if necessary.
d. They are kept without interest by the bank.
(Is the correct answer D?)