首页
外语
计算机
考研
公务员
职业资格
财经
工程
司法
医学
专升本
自考
实用职业技能
登录
外语
Types of Money The functions of money as a medium of exchange and a measure of value greatly facilitate the exchange of good
Types of Money The functions of money as a medium of exchange and a measure of value greatly facilitate the exchange of good
admin
2012-01-14
56
问题
Types of Money
The functions of money as a medium of exchange and a measure of value greatly
facilitate
the exchange of goods and services and the specialization of production. Without the use of money, trade would be reduced to barter, or the direct exchange of one commodity for another. This was the means of exchange used in primitive societies, and bartering is still practiced in some parts of the world today. In a barter economy, a person having something to trade must find another who wants it and has something acceptable to offer in exchange. In a money economy, the owner of a commodity may sell it for money, which is acceptable in payment for a wide range of other goods or services, thus avoiding the time and effort that would be required to find someone who could make an acceptable trade. Money may thus be regarded as a keystone of modern economic life. The most important types of money are commodity money, credit money, and fiat money. The value of commodity money is about equal to the value of the material contained in it. The principal materials used for this type of money have been gold, silver, and copper. In ancient times, various articles made of these metals, as well as of iron and bronze, were used as money, while among primitive societies commodities such as shells, beads, elephant tusks, furs, skins, and livestock served as mediums of exchange. The gold coins that circulated in the United States before 1933 were examples of commodity money because the value of the gold contained in the coin was about equal to the value of the coin. Credit money is paper backed by promises by the issuer, whether a government or a bank, to pay an equivalent value in the standard monetary metal, such as gold or silver. Paper money that is not redeemable in any other type of money and the value of which is fixed merely by government edict is known as fiat money. This is the type of money found today in the United States in the form of both coins and dollar bills. Credit money becomes fiat money when the issuing government suspends the convertibility of credit money into precious metal. Most fiat money began as credit money, such as the U.S. note known as the greenback which was issued during the American Civil War. Most minor coins in circulation are also a form of fiat money, because the value of the material of which they are made is usually less than their value as money. For example, the amount of nickel in a nickel coin today is less than its value as money. Both the fiat and credit forms of money are generally made acceptable through a government decree that all creditors must take the money in settlement of debts; the money is then referred to as legal tender. If the supply of paper money is not excessive in relation to the needs of trade and industry and people feel confident that this situation will continue, the currency is likely to be generally acceptable and to be relatively stable in value. If, however, such currency is issued in excessively large volume in order to finance government needs, confidence is destroyed and it rapidly loses value. Such depreciation of the currency is often followed by formal devaluation, or reduction of the official value of the currency, by governmental decree. The basic money of a country into which other forms of money may be converted and which determines the value of other kinds of money is called the money of redemption or standard money.
(A) [■]Modern standards have been either commodity standards, in which either gold or silver has been chiefly used as standard money, or fiat standards, consisting of inconvertible currency paper units.
(B) [■]Most monetary systems of the world at the present time, including those in China and the United States, are fiat systems.
(C) [■]They do not allow free convertibility of the currency into a metallic standard, and money is given value by government fiat or edict rather than by its nominal gold or silver content.
(D) [■]Modern systems are also described as managed currencies, because the value of the currency depends to a considerable extent on government management and policies. Internally, the monetary systems of China and the United States contain many elements of managed currency; although gold coinage is no longer permitted, gold may be owned, traded, or used for industrial purposes.
According to the passage, which of the following is an example of fiat money?
选项
A、The gold coins circulated in the U.S. before 1933.
B、The U.S. note issued during the American Civil War.
C、The coins and bills used in the U.S. today.
D、The gold or silver used in primitive societies.
答案
C
解析
本题还是事实信息题。题目问:下列哪一项是不兑现纸币的例子?选项中给出了四种货币,只要根据文章对commodity money, credit money和fiat money的定义,对这四个选项一一进行判断归类,就不难找出正确答案。A项(1933年前美国通行的金币是commodity money)、B项(美国内战期间发行的纸币是credit money)、D项(原始社会用的金银则是commodity money)都不对,只有C项所说的现在美国使用的硬币和纸币是fiat money符合题意,因此选C。
转载请注明原文地址:https://kaotiyun.com/show/Q5yO777K
0
托福(TOEFL)
相关试题推荐
DothefollowingstatementsagreewiththeviewsofthewriterinReadingpassage3?Inboxes32-35onyouranswersheet,write
Completethenotesbelow.ChooseNOMORETHANTHREEWORDSfromthepassageforeachanswer.Writeyouranswersinboxes7-9ony
DothefollowingstatementsagreewiththeinformationgiveninReadingPassage3?Inboxes38-40onyouranswersheet,writeTR
AccordingtoMrSingh,onwhichthingdomanypeoplemakesuperficialobservations?MrSinghbelievesthatWesternmethodsplus
Choosethecorrectletter,A,BorC.Whatisthebiggestreasonwhytheorganisationimprovedgreatly?
Choosethecorrectletter,A,BorC.OnlineExchangeBusinessWhichcountryhasthemostusersinthewebsite?
WriteNOMORETHANTWOWORDSAND/ORANUMBERforeachanswer.MonarchButterfliesHibernationButterflyspeciesadoptdifferent
learningexperience本题询问该项目的益处。录音原文中的greatlyenhance是题目Significantlyimprove的同义替换。能极大地提高许多小孩和大人的学习经验,故空格处填入learningexperience。
Choosethecorrectletter,A,BorC.OnlineExchangeBusinessHowmanyregisteredusersarethereinthewebsite?
Choosethecorrectletter,A,BorC.OnlineExchangeBusinessHowlonghasthewebsitebeenoperated?
随机试题
西方早有明确规定,而在中国古代没有引起注意的医德规范是
不属于淋巴细胞恶性疾病的是
平安市人民政府为了繁荣商业市场,计划在该市的某繁华地区建设一条步行商业街,为此市政府于2007年8月10日颁布了《关于拆迁某地区房屋有关问题的规定》。并与某房地产公司签订合同由该房地产公司负责开发建设。并于当日发布了拆迁公告。房地产公司分别与该地区居民就拆
【背景资料】某机电安装工程承建一造纸厂锅炉房工程,锅炉房有4台20t/h锅炉,合同工期150天。项目部根据合同工期和安装工艺要求,编制了施工组织设计,绘制了每台锅炉安装网络计划图(见下图),实行4台平行作业。该公司下达项目部考核成本为1000万元,
根据《会计法》的规定,单位负责人对会计入员实行打击报复的,除对单位负责人依法进行处罚外,对遭受打击报复的会计入员还应采取补救措施。下列各项中属于补救措施的有()。
关于经济增长与经济发展之间关系的说法,正确的有()。
景德元年(1004年)闰九月,辽圣宗和萧太后亲率大军大举南犯,转战定、瀛诸州,在十一月攻占德清军,直指北宋重镇澶州。辽军来势凶猛,北宋朝野震惊,宰相寇准要求皇帝御驾亲征,鼓舞军民。辽国害怕腹背受敌,决计与北宋议和。经过反复磋商,在同年十二月达成协议,规定北
Restrictionsontheuseofplasticbagshavenotbeensosuccessfulinsomeregions."Whitepollution"isstillgoingon.Write
ReadthefollowingarticleaboutJapanesestyleofmanagementandthequestions.Foreachquestion(15-20),markoneletter(A,
ColumnAColumnBThevalueofyifx=-2Thevalueofyifx=2
最新回复
(
0
)