a. If the face value of a coin exceeds the cost of coinage, the resulting
revenue to the issuer of the coin is known as _________________.
b. A product that serves both as money and as a commodity is
________________.
c. Coins and paper money circulating in the United States have face
values that exceed the value of the materials from which they are
made. Therefore, they are forms of _________ __________.
d. If the government declares that creditors must accept a form of
money as payment for debts, the money becomes
________________________.
e. A common unit for measuring the value of every good or service in
the economy is known as a(n)
_____________________________________.
Do a little research, then take a shot. What do you think?
a) paper money
b) Check
c) paper money
d)commodity money
a. If the face value of a coin exceeds the cost of coinage, the resulting revenue to the issuer of the coin is known as "seigniorage". Seigniorage refers to the profits made by the government or the central bank when the face value of a coin or a banknote exceeds the cost of producing it.
To find this answer, you can do a simple search using a search engine like Google or Bing. Just type in "If the face value of a coin exceeds the cost of coinage, what is it called?" and you should find the term "seigniorage" as the answer.
b. A product that serves both as money and as a commodity is "commodity money". Commodity money refers to objects or goods that have inherent value for uses other than being a medium of exchange, such as gold, silver, or certain types of currency backed by a physical commodity.
To find this answer, you can again do a search using a search engine. Type in "A product that serves both as money and as a commodity" and you should find the term "commodity money" in the results.
c. Coins and paper money circulating in the United States have face values that exceed the value of the materials from which they are made. Therefore, they are forms of "fiat money". Fiat money refers to currency that derives its value from government decree or law, rather than any intrinsic value or backing by a physical commodity.
You can find this answer by searching for "What is the term for money with face values that exceed the value of the materials from which they are made?" or similar queries. "Fiat money" should be the term you find as the answer.
d. If the government declares that creditors must accept a form of money as payment for debts, the money becomes "legal tender". Legal tender refers to the money that a government has declared must be accepted as payment for debts within a specific jurisdiction.
To find this answer, you can search for "What term is used when the government declares that creditors must accept a form of money as payment for debts?" and you should find the term "legal tender".
e. A common unit for measuring the value of every good or service in the economy is known as a "unit of account". A unit of account is a standard value used to measure and compare the worth of different goods and services.
You can find this answer by searching for "What is a common unit for measuring the value of every good or service in the economy?" or similar queries. "Unit of account" should be the term you find as the answer.