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6 Written questions

6 Multiple choice questions

  1. objects that have value because a government has decreed that they are acceptable means to pay debts
  2. coins and paper bills used as money
  3. anything that serves as a medium of exchange, a unit of account, and a store of value
  4. the price paid for the use of borrowed money
  5. failing to pay back a loan
  6. the amount of money borrowed

6 True/False questions

  1. creditora person or institution to whom money is owed


  2. fractional reserve bankingthe seizure of property from lenders who are unable to pay back their loans


  3. representative moneyobjects that have value because the holder can exchange them for something else of value


  4. money supplyall the money available in the US economy


  5. barterthe direct exchange of one set of goods or services for another


  6. medium of exchangea card entitling its owner to buy goods and services based on the owner's promise to pay for the use of borrowed money