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Florida International University *

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308

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Economics

Date

Feb 20, 2024

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pdf

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14

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Score for this quiz: 27 out of 23 Submitted Mar 6 at 6:33pm This attempt took 69 minutes. 0 / 0 pts Question 1 I promise to follow Cal Poly Humboldt's academic honesty policy and not communicate with any other students in the class nor any other individual while taking this quiz. I hereby agree that all of my answers will be completed without the help of another person. True Correct! Correct! False 1 / 1 pts Question 2 How does the total amount of circulating FRNs change? The Federal Reserve (Fed) increases or decreases its demand for them. Households and private businesses increase or decrease their demand for them. Correct! Correct!
Households and the Treasury increase or decrease their demand for them. The Fed printed more of them and passed them around to households and businesses. The Bureau of Engraving and Printing (BEP) decided there should be more or less dollars in the economy. 1 / 1 pts Question 3 Congress and the Treasury department conduct monetary policy. True False Correct! Correct! 1 / 1 pts Question 4 There are zero financial limits for Congress and the Treasury, though there are several political, institutional, economic and real resource limits.
True Correct! Correct! False 1 / 1 pts Question 5 Your Answer: How did Aristotle, Locke and Smith justify their barter origin story of money? They reasoned that money emerged from barter by deductive logic alone. 1 / 1 pts Question 6 Researchers who have chosen a more inductive approach investigating empirically how money and banking actually works, have been more likely to favor the view that money is not fundamentally a "physical thing". True Correct! Correct! False
1 / 1 pts Question 7 Your Answer: Why does the "loan" sit on the asset-side of a bank's balance sheet? A loan is the IOU of the borrower(sits on the liability side of the borrower), so its sits on the asset side of the bank 1 / 1 pts Question 8 Since the federal government does not need your FRNs or electronic DDs to spend now, what is the main reason it taxes people, banks, non-banking businesses. Create demand for government IOUs. Correct! Correct! Influence human behavior. Create revenue for the federal government. Change distribution of income and wealth. Reduce inflation. 1 / 1 pts Question 9
Corresponding-counting is a non-abstract method of record keeping. True Correct! Correct! False 1 / 1 pts Question 10 Your Answer: Why is primitive non-standard money considered limited purpose money? Money was not uniform and had differences in quality. It is limited in its ability to function as money. It was an imprecise measuring rod. 1 / 1 pts Question 11 According to Martin, why did so many limited-purpose units for measuremen t exist in the Middle Ages? Many different people created them (bottom up) for use in general contexts. Correct! Correct!
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