Economics - Chapter 10 - Money & Banking - Team Open Note Quiz

Which of these is the most liquid asset? 

• Checks

• Property

• Cash

• Credit

Answer explanation

Cash is the most liquid asset because it can be readily used for transactions without conversion. Checks and credit require processing, while property takes time to sell, making cash the most accessible form of value.

What is happening here?

• Bartering

• Cooking

• Flirting

• Machismo

Answer explanation

Bartering involves exchanging goods or services without using money. In this scenario, the interaction likely revolves around negotiating or trading items, which aligns with the concept of bartering.

What function of money the picture represent? 

• Medium of Exchange

• Store of Value

• Unit of Account

• Acceptable 

Answer explanation

The picture represents the function of money as a Medium of Exchange, as it illustrates transactions where money is used to facilitate the buying and selling of goods or services.

What function of money the picture represents?

• Medium of Exchange

• Store of Value

• Unit of Account

• Durable 

Answer explanation

The picture represents the function of money as a Unit of Account, which allows for the measurement and comparison of value. It provides a standard numerical value for goods and services, facilitating economic transactions.

What function of money the picture represents? 

• Medium of Exchange

• Store of Value

• Unit of Account

• Stable 

Answer explanation

The picture represents the function of money as a Store of Value, as it indicates the ability to retain value over time, allowing individuals to save and use money in the future.

What is NOT a characteristic of money? 

• Divisible

• Portable

• Acceptable

• Accessible

Answer explanation

Accessible is not a characteristic of money. Money must be divisible, portable, and acceptable for transactions, but accessibility refers to how easily it can be obtained, which is not a defining trait of money itself.

What characteristic of money the picture represents? 

• Divisible

• Acceptable

• Portable

• Stable 

Answer explanation

The picture represents the characteristic of money as portable, meaning it can be easily carried and used in transactions. This is essential for facilitating trade and commerce.

What characteristic of money the picture represents? 

• Acceptable

• Scarce

• Durable

• Stable 

Answer explanation

The picture represents the characteristic of money as 'Durable' because it indicates that money must withstand physical wear and tear, ensuring it remains usable over time.

What characteristic of money the picture represents? 

• Scarce

• Divisible

• Stable

• Durable 

Answer explanation

The picture represents the characteristic of money being scarce, as it highlights the limited availability of money, which is essential for maintaining its value and function in the economy.

There are _______ Regional Federal Reserve Banks, and one Federal Reserve Board of Governors.

• 50

• 4

• 12

• 52

Answer explanation

There are 12 Regional Federal Reserve Banks in the United States, each serving a specific district, along with one Federal Reserve Board of Governors that oversees the entire system.