11) The functions of money are
A) medium of exchange, unit of account, and store of value.
B) medium of exchange, the ability to buy goods and services, and the ability to pay off debts.
C) medium of exchange, the ability to buy goods and services, and checking accounts.
D) credit cards, checking accounts, currency, and coins.
E) store of value, use as a barter mechanism, and unit of account.
12) Money serves as a
A) means of payment, legal obligation, and public tax.
B) medium of exchange, unit of account, and store of value.
C) means of settling debts, transaction lubricant, and private commodity.
D) means of worker exploitation and capitalist enrichment.
E) means to conduct barter transactions.
13) Which of the following is NOT among the primary functions of money?
A) unit of account
B) store of value
C) indicator of supply
D) medium of exchange
E) an object that is generally accepted in return for goods and services
14) Money performs all of the following functions EXCEPT serving as a
i.medium of exchange.
ii.unit of account.
iii.barter mechanism.
A) i only
B) ii only
C) iii only
D) i and ii
E) ii and iii
15) When you join the local organic food market and then buy produce each month, money is used as
A) only a store of value.
B) only a unit of account.
C) a medium of exchange and a store of value.
D) a medium of exchange and a unit of account.
E) a store of value and a unit of account.
16) Barter requires the
A) use of commodity money as a medium of payment.
B) use of fiat money as a medium of exchange.
C) the triple non-coincidence of wants.
D) exchange of goods and services directly for other goods and services.
E) use of money as a unit of account.
17) The medium of exchange is defined as
A) barter.
B) the exchange of goods and services directly for goods and services.
C) an object that is accepted in return for goods and services.
D) credit cards.
E) an item that can be stored and hold its value over time.
18) A barter system of payment is
A) similar to a money system of payment because both require a double coincidence of wants.
B) similar to a money system of payment because both use one asset as a unit of account.
C) different from a money system of payment because the barter system is a better unit of account.
D) different from a money system of payment because money does not require a double coincidence of wants.
E) similar to a money system of payment because both are used as stores of value and units of account.
19) In performing which of its primary functions does money solve the problem of the double coincidence of wants?
A) medium of exchange
B) unit of account
C) store of value
D) barter system
E) money supply
20) The "double coincidence of wants" is
A) what is needed to use money.
B) eliminated with the use of money.
C) eliminated when we barter instead of using money.
D) how value is stored when we transact with money.
E) money's role as a unit of account.
