If lenders refuse to state the debt in terms of dollars, then dollars are not a
a. unit of accounting.b. medium of exchange.c. store of value.d. standard of deferred payment.
Which term below fits closest to money functioning as a unit of accounting?
a. Yardstickb. Specializationc. Exchanged. Liquid
The ability to quickly convert an asset into cash is
a. liquidity.b. disintermediation.c. financial intermediation.d. the standard of deferred payment.
The reason we are willing to accept money with no intrinsic value is that
a. we have a fiduciary monetary system in which currency has both acceptability and predictability of value.b. the money supply is backed by an equal amount of gold and silver.c. the demand for money is backed by an equal amount of gold and silver.d. the value of the money varies directly with changes in the price level.