12th Grade > Economics - 2
UNDERSTANDING MONEY MCQs
Total Questions : 29
| Page 3 of 3 pages
Answer: Option B. -> False
:
B
Functions of the cheque are the same as that of money.
:
B
Functions of the cheque are the same as that of money.
Answer: Option C. -> Near Money
:
C
The cheque is also called “near money”.
:
C
The cheque is also called “near money”.
Answer: Option C. -> It is not fiat currency
:
C
The value of cryptocurrency is not decreed by the government and thus it is not fiat currency.
:
C
The value of cryptocurrency is not decreed by the government and thus it is not fiat currency.
Answer: Option D. -> Trust
:
D
The system relies on trust by all the stakeholders in the system.
:
D
The system relies on trust by all the stakeholders in the system.
Answer: Option B. -> credit money
:
B
Credit money has a face value which is much higher than the commodity value. Credit money consists of credit cards, demand deposits, among others.
:
B
Credit money has a face value which is much higher than the commodity value. Credit money consists of credit cards, demand deposits, among others.
Answer: Option C. -> Minimum reserve system
:
C
The RBI follows the minimum reserve system, wherein it has to maintain a minimum quantity of gold bullion as reserves to issue currency.
:
C
The RBI follows the minimum reserve system, wherein it has to maintain a minimum quantity of gold bullion as reserves to issue currency.
Answer: Option B. -> Representative value
:
B
Value of paper money depends on the value of the metal money it represents, thus called representative money.
:
B
Value of paper money depends on the value of the metal money it represents, thus called representative money.
Answer: Option C. -> Gold
:
C
Gold was among the most commonly used metals.
:
C
Gold was among the most commonly used metals.
Answer: Option D. -> All of the above
:
D
Anything can be money if it is recognised as money by everybody.
:
D
Anything can be money if it is recognised as money by everybody.
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