Q12 ____ is (are) money that has no intrinsic value and is not convertible into anything else. According to Kohn, it is accepted as payment mainly because ____ but also because ____. (Kohn, pp. 200-201)

Group of answer choices

Government-issued fiat money; it has legal tender status; people believe that others will accept it as payment

Government-issued fiat money; people believe that others will accept it as payment; it has legal tender status

Bank dollars (transactions deposits); people believe that others will accept them as payment; they have legal tender status

Bank dollars (transactions deposits); they have legal tender status; people believe that others will accept them as payment

Q13 Which of the following are current examples of the type of money in the previous question? (Kohn, p. 201) 1. Deposits held by individuals in banks. 2. Deposits held by banks at the Federal Reserve. 3. Federal Reserve notes. 4. Dimes and quarters issued by the U.S. Treasury.