Solved by verified expert :63)
In the United States, the definitive money
is
A)
gold coins.
B)
any coin minted from a precious metal.
C)
Federal Reserve Notes.
D)
Federal Reserve Notes plus checking
account balances in commercial banks.
64)
In Moscow
in 1989, what were taxi drivers using as a medium of exchange?
A)
Russian rubles
B)
Marlboro cigarettes
C)
Gold coins
D)
Caviar
65)
In August 2006, what was the total value
of Federal Reserve Notes in circulation?
A)
$120 million
B)
$460 million
C)
$793 billion
D)
$6 trillion
66)
Checks are
A)
not acceptable for settling transactions
in most industrialized countries.
B)
less important than currency as a means of
settling transactions.
C)
promises to pay definitive money on
demand.
D)
promises to pay coins minted from precious
metals on demand.
67)
One advantage of using checks to settle
transactions is
A)
they are more difficult to use
fraudulently than currency or precious metals are.
B)
there is effectively no cost to using
them.
C)
they are as liquid as cash.
D)
there is no information cost involved in
accepting them.
68)
The use of checks in transactions
A)
entails lower information costs than the
use of currency.
B)
entails fewer steps than settling
transactions with currency.
C)
avoids the cost of shipping currency back
and forth.
D)
entails lower information and fewer steps
than settling transactions with currency.
69)
Automatic teller machines and debit cards
are examples of
A)
electronic funds transfer systems.
B)
commodity monies.
C)
legal tender in the United States.
D)
modern barter systems.
