Please fill in the blanks to make the following statements correct. Thanks. Money serves three functions:...

Please fill in the blanks to make the following statements correct. Thanks.

Money serves three functions: ______ , ______ , and ______ .
Suppose children at a summer camp are each given a credit of $20 at the snack shop, where purchases are recorded but no cash is exchanged. This is an example of money as a(n) ______ and a(n) ______ .
Paper money and coins that are not convertible into anything with intrinsic value, but are declared by the government to be legal tender, are known as ______ .
The Bank of Canada has four main functions in the Canadian economy: ______ , ______ , ______ , and ______ .

Solutions

Expert Solution

a. Medium of exchange, store of value and unit of account

b. Medium of exchange( intermediary to exchange goods and services)

c. Fiat money, (they do not have intrinsic value but work as medium of exchange)

d. Monetary policy, Financial System, Currency and Funds management

Rahul Sunny answered 1 year ago

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