Question 12 (2 points)

When an asset is used as a universal yardstick for expressing the worth of different goods and services, it serves the function of a ________.

Question 12 options:

	store of value
	unit of account
	medium of exchange
	loanable fund

Question 13 (2 points)

Betsy enters a roadside cafeteria and orders a medium-sized cappuccino and a chicken burger. She hands over $5 at the cash counter and collects the food. In this example, money serves the function of ________.

Question 13 options:

	a medium of exchange
	a store of value
	a measure of inflation
	a means of deferred payment

Question 14 (2 points)

Ryan saved $50,000 last year so that he could buy a car this year. In this case, money served the function of a ________.

Question 14 options:

	medium of exchange
	store of value
	unit of account
	measure of inflation

Question 15 (2 points)

Anna, Barry, and Clara grew up together in Michigan. After college, they each went overseas to countries that had different currencies. They had a group chat in which they were comparing costs of living. So that they could understand one another, they each converted their costs into U.S. dollars. What purpose did the U.S. dollar serve in their conversation?

Question 15 options:

	Medium of exchange
	Store of value
	Unit of account
	Loanable fund

Question 16 (2 points)

Daniel lives in Fiji. He learns that the Fijian dollar is an example of fiat money. This means that the Fijian dollar ________.

Question 16 options:

	is worth exactly 1 U.S. dollar
	fluctuates in value against other countries' currencies
	can be exchanged at a fixed rate for a physical commodity like gold or silver
	is not backed by a physical commodity like gold or silver

Question 17 (2 points)

What makes a U.S. $100 bill valuable?

Question 17 options:

	People are likely to accept a $100 bill as payment.
	It is expensive to produce a $100 bill.
	A $100 bill can be exchanged on demand for a given amount of gold.
	A $100 bill is pretty to look at.