
Eco Unit 4 Review
Social Studies
12th Grade
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18 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What function of money is being used when prices for goods and services are stated in terms of money?
store of value
unit of account
medium of exchange
standard of deferred payment
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Money that has value simply because the government says it does is called —
credit
currency
fiat money
representative money
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Commodity money can best be described as —
trade goods or services between two people without the exchange of money
currency that a government has declared to be legal tender, despite the fact that it has no intrinsic value and is not backed by reserves
a form of money which has an intrinsic value, meaning it is worth something in its own right rather than simply being a token of financial value
money that consists of a token or certificate that can be exchanged for a specific good, such as gold, silver, or potentially water, oil, or food
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
One of the disadvantages of operating a barter system is that trading is
taking place without currency
carried out in very large markets
limited by availability and demand
conducted without consumer protections
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following statements is NOT true of the Federal Reserve System?
The Federal Reserve System was created by the Federal Reserve Act of 1913.
The Federal Reserve System is divided into 12 district banks.
The Federal Reserve System makes a profit by making loans to member banks
The Federal Reserve System’s board of governors is appointed by the president of the United States.
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The federal government uses monetary policy to
adjust interest rates based on currency supply
guarantee access to consumer credit.
determine tax rates on income.
expand free trade to international markets.
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Open market operations, the discount rate, and reserve requirements are used by the Federal Reserve to most directly affect the
amount of taxes collected
minimum wages of workers
cost of doing business overseas
supply of money in the economy
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