1. When money is used to express the relative of goods and services, it is

being used as A

a. Unit of account.

b. Medium of exchange.

c. Store of value.

d. Check.

2. Fiat money are

a. Full- bodied metallic money.

b. Intrinsically valueless.

c. Assets that are means of payment and not medium of exchange.

d. Intrinsically valuable.

3. In the fiat monetary system, most of the money circulating in the

economy are

a. Currency.

b. Money that are created by the commercial banks when they lend money.

c. Checking account balances.

d. Money at ATMs

PICK ONE ANSWER FROM EACH QUESTION