WorksheetsMoney, Banking, & Monetary Policy
Total questions: 10
Worksheet time: 5mins
Which of these items are considered commodities?
oil
water
agricultural crops
precious metals like gold
When measuring the benefit provided by a good or service, this can be identified as
economic value
intrinsic value
opportunity cost
subjective value
Value that is based on an opinion of a person, society, etc. is what type of value?
economic value
intrinsic value
subjective value
speculative value
Intrinsic value is best defined by which of the follow?
value that is measured by an opinion
value that is measured by the thought that the price of the good will rise in the future
a general statement on the usefulness of a good or service
value that is based on scarcity, usefulness, and the labor and materials that went into production
When people or groups purchase items with the thought that the value will increase, items like oil or gold, what type of value is this describing?
speculative value
intrinsic value
subjective value
objective value
Which of these are functions of money?
medium of exchange that allows the trade of goods and services
holds value over time
standard of value that allows comparison of the value of goods related to one another
used as the only means of trade between nations
A type of money that is backed by a material, such as gold, is referred to as
certificate money
representative money
fiat money
commodity money
Commodity money can be best described as money that is
backed up by a valuable material
valuable based on the material that the money is made from
used to purchase valuable materials
valuable because a government says it is and people accept that it is valuable
Money in the United States is which type of money?
fiat money
representative money
commodity money
speculative money
The Federal Reserve controls monetary policy in the United States, trying to control
inflation, or money losing its purchasing power
deflation, or money becoming more valuable
money supply, the amount of money available in the economy
the number of banking institutions in the nation
