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1. What is money?

c) a medium of exchange

 

2. Why can money serve as a standard of value?

c) it determines the relative cost of goods and services

 

3. Is private production of money legal?

a) no

 

4. What is necessary in a barter economy?

a) double coincidence of wants

 

5. What is the essential condition for survival of token money?

b) restriction to the right to supply it

 

6. What is token money?

c) coins and banknotes

 

7. What is the distinctive feature of production of paper money?

c) tiny cost

 

8. What does money determine?

a) relative cost of different goods and services

 

9. How did people get goods in primitive societies?

b) they exchanged one thing for another

 

10. What was each person in a barter economy?

c) a seller and a buyer

After I woke up, I went to brush me teeth. After that I quickly ate my breakfast, dress up and went out to play basketball with my friends. We usually play basketball on Wednesdays and Fridays. After playing for two hours, I went back home to finish all of my homework that was given on the next week. I don’t feel like I will do it tomorrow, so I wanted to do it all now. I opened my laptop and after 3 hours I was done. In an hour, I was supposed to hangout with my friends at the cinema. I was supposed to get ready and my mom would drive me there. After watching the film we went back to our homes. I had dinner and went to bed. I don’t have school tomorrow so I could spend some time on my phone until I feel sleepy.