11-27

Question 1

Money that has an alternative use as an economic good

Answer 1

Commodity money

Question 2

Privately owned, publicly controlled central bank of the United States

Answer 2

Federal reserve system (Fed)

Question 3

3 roles of money in the economy

Answer 3

Medium of exchange - something accepted as payment for goods & services

Measure of value - function of money/ common way to express value

Store of value - allows people to preserve value for future use

Question 4

Standard unit of currency

Answer 4

monetary unit of measure or currency used to represent the real value (or cost) of any economic item;