Question

Question 1 1 pts

According to the National Bureau of Economic Research, the US slipped into a recession earlier this year.

Group of answer choices

True

False

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Question 2 1 pts

Throughout history money

Group of answer choices

None are correct

has always been "backed" by a commodity

has always been paper currency or precious metals

has always been farm animals

has been virtually anything that is accepted as a means of payment for stuff

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Question 3 1 pts

The US dollar derives its value

Group of answer choices

due to its acceptability

all are correct

because the government says it's "legal tender" and due to its acceptability

from the amount of gold the government owns

because the government says it's "legal tender"

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Question 4 1 pts

The term dollar is derived from the German word

Group of answer choices

thal; which in German means, valley

puppe; which in German means, doll

geld; which in German means, money

zill; which, in German means, horse's rear-end

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Question 5 1 pts

A $120 price tag on a pair of sneakers is an example of money functioning as a

Group of answer choices

means of deferred payment

medium of exchange

store of value (or wealth)

unit of account

Answer 1

1. True

The National Bureau of Economic Research, which determines recessions, said the U.S. peaked in February 2020.

2. e. has been virtually anything that is accepted as a means of payment for stuff.

The history of money has varied from commodity money to precious metals- depending on whatever was acceptable as a medium of exchange.

3. e. because the government says it's "legal tender".

By law, United States coins and currency (including Federal reserve notes and circulating notes of Federal reserve banks and national banks) are legal tender for all debts, public charges, taxes, and dues.

4. a. thal; which in German means, valley

The dollar is named after the thaler. The thaler was a large silver coin first made in the year 1518. The thaler named after the Joachimsthal (Joachim's valley) mine in Bohemia (Thal means valley in German).

5. d. unit of account

Money as a unit of account implies the value of something is measured in a specific currency. This allows different things to be compared against each other.