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Basic Question 1 of 6
In order to function as a medium of exchange, money must ______
B. maintain a constant value over an extended period of time.
C. be generally accepted in exchange for goods and services.
A. be backed by gold or some precious commodity.
B. maintain a constant value over an extended period of time.
C. be generally accepted in exchange for goods and services.
User Contributed Comments 6
| User | Comment |
|---|---|
| SaeedAlam | If not backed by gold then it's value will fluctuate. |
| EMerkert | The dollar should be backed by gold or a precious commodity, but it is not, thanks Nixon. |
| leftcoast | And thanks EMerkert for an opinion that doesn't help anyone here. |
| jonan203 | opinion? or two thousand years of monetary history? all fiat currencies eventually return to their intrinsic value...zero -voltaire gold is money, and nothing else -jpmorgan |
| Inaganti6 | they won't ask us about our opinions on the test .... |
| Cartagena | +1 for keeping opinions out, but I agree |
I am using your study notes and I know of at least 5 other friends of mine who used it and passed the exam last Dec. Keep up your great work!
Barnes
Learning Outcome Statements
describe the roles and objectives of central banks
CFA® 2026 Level I Curriculum, Volume 1, Module 4.