What is Money?
Quiz by David Pierce
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- Q1
What is the “double coincidence of wants’?
When two parties have goods to trade and one party does not want the other’s trade good.
When two parties have goods to trade and agree to trade one for the other.
30s - Q2
What is the solution to the “double coincidence of wants’?
Bartering
Money
30s - Q3
The function of money that solves the ‘double coincidence of wants’ is as a
Medium of exchange (commonly accepted method of paying for things)
Long term store of value
30s - Q4
What problem does money solve as a medium of exchange that replaces goods like meat or
crops?
Assets like meat or crops don’t last forever
People don’t need meat or crops
30s - Q5
Because money lasts a long time, it is a better _______ than a physical trade-good like meat or crops.
store of value
non-perishable product
30s - Q6
How has money solved disagreements about the value of items?
By creating ‘units of account’, or prices
By eliminating the need for negotiation
30s - Q7
In economic terms, what is supply?
the total amount of a specific good or service that is available to consumers
How much, and how many, people want to buy a good or service
30s - Q8
In economic terms, what is demand?
the total amount of a specific good or service that is available to consumers
How much, and how many, people want to buy a good or service
30s - Q9
How can supply and demand impact prices?
Greater supply can lead to higher prices
Greater demand can lead to higher prices
30s - Q10
What is equilibrium price?
When prices are too high for consumers
The price at which supply meets demand
30s - Q11
Fiat money is currency that has no value or use other than to be used as money.
True
False
30s - Q12
Commodity money is currency that can be used for another purpose than as money.
False
True
30s - Q13
Generally speaking, when there is a greater SUPPLY of a product, the price will
increase
stay the same
drop
30s - Q14
Generally speaking, and increase in demand without an increase in supply will result in
the product having a higher price
the product staying the same price
the product having a lower price
30s