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Money And Banking (ECON 340) Quiz 3 b - Quiz

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Wichita State University

Money And Banking (ECON 340)

EC 340, Quiz 3
Name ____________________ ID#_______________________
1. (1 point) To an economist, _____________ is anything that is generally accepted in
payment for goods and services or in the repayment of debt.
2. (1 point) Of money’s three functions, the one that distinguishes money from other
assets is its function as a medium of exchange. This is because money is the
_______________(most or least) liquid asset.
3. (1 point) _________________________(Barter economy or Money economy) allow
people to specialize in what they do best by reducing transaction costs.
4. (1 point) Kevin purchasing concert tickets with his debit card is an example of the
______________________(unit of account, store of value, or medium of exchange)
function of money.
5. (1 point) ____________________ is the relative ease and speed with which an asset
can be converted into a medium of exchange.

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Money And Banking (ECON 340) Quiz 3 b - Quiz

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