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____1.Which of the following statements is false?
a.Money is the only good that can or does serve as a store of value.
b.In a barter economy, there is no good that serves as a unit of account.
c.There are higher transaction costs of making exchanges in a barter economy than in a money economy.
d.Money functions as a medium of exchange, unit of account, and store of value.

____2.Compared to barter, money ____ transaction costs, making transactions ____ time-consuming.
a.increases; more
b.increases; less
c.reduces; more
d.reduces; less

____3.Your neighbor has knowledge of economics and you would like her to share it with you. You own a car, a CD player and a new pair of running shoes. You wish to make a trade, but the neighbor does not want what you have. The problem can be stated as follows: You are not satisfying the
a.rule of transaction costs.
b.double coincidence of wants.
c.law of marketability.
d.terms of a common denominator.

____4.Historically, which of the following goods have evolved into money?
a.gold
b.salt
c.cattle
d.cocoa beans
e.all of the above

____5.A "money market deposit account" is a(n)
a.checking account that pays no interest.
b.bank account with a specified maturity date.
c.store of Federal Reserve Notes held in bank vaults to cash checkable deposits on demand.
d.checking account created from an automatic transfer from a savings account.
e.interest-earning account at a bank or thrift institution that usually has a minimum balance requirement.

____6.In a barter economy, people are _________ to specialize in the production of one good or service, compared to in a money economy.
a.more likely
b.less likely
c.equally likely
d.almost always going

____7.M2 is comprised of
a.small-denomination time deposits + savings deposits + money market accounts.
b.small-denomination time deposits + credit cards + money market accounts + gold deposits.
c.M1 + small-denomination time deposits + savings deposits + retail money market mutual funds.
d.M1 + small denomination time deposits + credit cards + money market accounts.

____8.A savings account functions as
a.a unit of account.
b.a store of value.
c.a medium of exchange.
d.none of the above

____9.The first bankers were
a.sheriffs.
b.goldsmiths.
c.clergy.
d.innkeepers.
e.economists.

____10.Because money ____, people are ____ likely to specialize their work in a money economy.
a.is a store of value; less
b.eliminates the double coincidence of wants; more
c.is a unit of account; more
d.eliminates the need for holdings of precious metals; more

____11.Reserves equal
a.checkable deposits + vault cash + traveler’s checks.
b.vault cash + currency in the hands of the nonbanking public.
c.bank deposits at the Federal Reserve.
d.bank deposits at the Federal Reserve + vault cash.

____12.The Federal Reserve System is the
a.federal government agency that collects taxes and spends these receipts on tanks, bridges, employees’ salaries, etc.
b.company that delivers packages to your front door.
c.central bank of the United States.
d.federal government agency that collects and disseminates all the economic data that economists are interested in.

____13.Which of the following is not a function of the Fed?
a.to serve as a fiscal agent for the U.S. Treasury
b.to hold depository institutions’ reserves
c.to serve as the government’s banker
d.to serve as borrower of last resort
e.none of the above

____14.The president of the ____ holds a permanent seat on the FOMC.
a.United States
b.Federal Reserve District Bank of New York
c.Federal Reserve District Bank of San Francisco
d.U.S. Senate banking committee
e.none of the above

____15.The most important responsibility of the Fed is to
a.clear checks.
b.supervise member banks.
c.serve as fiscal agent for the U.S. Treasury.
d.control the money supply.

____16.Which of the following will increase the money supply?
a.increasing the required reserve ratio
b.an open market sale
c.raising the discount rate relative to the federal funds rate
d.none of the above

____17.The tool the Fed most often uses to control the money supply is
a.the discount rate.
b.the required reserve ratio.
c.open market operations.
d.public announcements.
e.the federal funds rate.

____18.Which of the following statements is generally accurate to say of the Federal Reserve?
a.The Federal Reserve is independent of day-to-day politics.
b.The Federal Reserve is required to seek the advice of the President of the United States on most monetary matters.
c.The Federal Reserve is required to seek the advice of the Congress of the United States on most monetary matters.
d.The Federal Reserve is probably subject to at least some political influence over longer periods of time when general economic policy
I really need help with these questions!

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