ECO - Ch.10 Vocabulary

What is the term for currency issued by a national government?

• national currency

• Federal Reserve notes

• barter economy

• commodity money

What is the term for money that is not backed by a physical commodity like gold or silver?

• barter economy

• Federal Reserve notes

• Federal Reserve System

• fiat money

What is the term for money that must be accepted for payment of debts?

• barter economy

• legal tender

• Federal Reserve notes

• Federal Reserve System

What is the term for coins made of precious metals like gold or silver?

• specie

• commodity money

• Federal Reserve notes

• barter economy

What is the term for money that is used to hold wealth for the future?

• barter economy

• Store of value

• Federal Reserve notes

• commodity money

What is the term for the basic unit of currency in a country?

• monetary unit

• Federal Reserve System

• barter economy

• commodity money

What type of certificates were issued by the U.S. government that could be exchanged for silver?

• Silver Certificates

• Federal Reserve notes

• commodity money

• barter economy

What is the term for money that is used to facilitate the exchange of goods and services?

• Federal Reserve notes

• Federal Reserve System

• commodity money

• Medium of exchange

What is the term for money that has intrinsic value and is backed by a physical commodity like gold or silver?

• barter economy

• Federal Reserve notes

• Federal Reserve System

• commodity money

What is the term for accounts that allow depositors to withdraw money on demand?

• Federal Reserve System

• demand deposit accounts (DDAs)

• Federal Reserve notes

• commodity money