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AP ECONOMICS: CHAPTER 13 1. Money functions as: A. a store of value. B. a unit of account. C. a medium of exchange. D. all of these. 2.

If you are estimating your total expenses for school next semester, you are using money primarily as: A. a medium of exchange. B. a store of value. C. a unit of account. D. an economic investment. 3. A $70 price tag on a sweater in a department store window is an example of money functioning as a: A. unit of account. B. standard of deferred payments. C. store of value. D. medium of exchange. 4. The largest component of the money supply (M1) is: A. gold certificates. B. checkable deposits. C. currency in circulation. D. travelers' checks. 5. The money supply is backed: A. by the government's ability to control the supply of money and therefore to keep its value relatively stable. B. by government bonds. C. dollar-for-dollar with gold and silver. D. dollar-for-dollar with gold bullion. 6. To say that coins are "token money" means that: A. their face value is less than their intrinsic value. B. their face value is greater than their intrinsic value. C. their face value is equal to their intrinsic value. D. they are not legal tender. 7. Coins in people's pockets and purses are: A. included in M1, but not in M2. B. included in both M1 and in M2. C. included in M2, but not in M1. D. excluded from M1 and M2 because people can exchange them for Federal Reserve notes.

8. Assuming no other changes, if checkable deposits decrease by $40 billion and balances in money market mutual funds increase by $40 billion, the: A. M1 money supply will decline and M2 money supply will remain unchanged. B. M1 and M2 money supplies will not change. C. M1 money supply will increase and M2 money supply will remain unchanged. D. M1 and M2 money supplies will both decline. 9. Assuming no other changes, if balances in money market deposit accounts increase by $50 billion and small time deposits decrease by $50 billion, the: A. M1 and M2 money supplies will not change. B. M2 money supply will increase. C. M1 money supply will decline. D. M2 money supply will increase and the M1 money supply will decrease. Chapter 13 quiz 1. 2. 3. 4. 5. 6. 7. 8. 9. D C A C A B B A A