1.1 Meaning of money

In the bond market, the bond demanders are the ________ and the bond suppliers are the________.

• Lenders; borrowers
• Lenders; advancers
• Borrowers; lenders
• Borrowers; advancers

To an economist, ________ is anything that is generally accepted in payment for goods andservices or in the repayment of debt.

• Wealth
• Income
• Money
• Credit

Money is

• Anything that is generally accepted in payment for goods and services or in the repayment
• A flow of earnings per unit of time
• The total collection of pieces of property that are a store of value
• Always based on a precious metal like gold or silver

Currency includes

• Paper money and coins
• Paper money, coins, and checks
• Paper money and checks
• Paper money, coins, checks, and savings deposits

Even economists have no single, precise definition of money because

• Money supply statistics are a state secret
• The federal reserve does not employ or report different measures of the money supply
• The ʺmoneynessʺ or liquidity of an asset is a matter of degree
• Economists find disagreement interesting and refuse to agree for ideological reasons

The total collection of pieces of property that serve to store value is a personʹs

• Wealth
• Income
• Money
• Credit

A personʹs house is part of her

• Money
• Income
• Liabilities
• Wealth

________ is used to make purchases while ________ is the total collection of pieces of propertythat serve to store value.

• Money; income
• Wealth; income
• Income; money
• Money; wealth

________ is a flow of earnings per unit of time.

• Income
• Money
• Wealth
• Currency

An individualʹs annual salary is her

• Money
• Income
• Wealth
• Liabilities