Cloze Test – Test 34

In the following passage, there are blanks, each of which has been numbered. Find out the appropriate word/phrase in each case.

Money is historically an emergent market phenomenon establishing a "commodity money", but nearly all contemporary money systems are based on fiat money. Fiat money, like any check or note of debt, is without use value as a physical commodity. It (21) its value by being declared by a government to be legal tender; that is, it must be (22) as a form of payment within the boundaries of the country, for "all debts, public and private". The money supply of a country consists of currency (banknotes and coins) and, depending on the (23) definition used, one or more types of bank money (the balances held in checking accounts, savings accounts, and other types of bank accounts). Bank money, which consists (24) of records (mostly computerized in modern banking), forms (25) far the largest part of broad money in developed countries.

In the following passage, there are blanks, each of which has been numbered. Find out the appropriate word/phrase in each case.

Money is historically an emergent market phenomenon establishing a "commodity money", but nearly all contemporary money systems are based on fiat money. Fiat money, like any check or note of debt, is without use value as a physical commodity. It (21) its value by being declared by a government to be legal tender; that is, it must be (22) as a form of payment within the boundaries of the country, for "all debts, public and private". The money supply of a country consists of currency (banknotes and coins) and, depending on the (23) definition used, one or more types of bank money (the balances held in checking accounts, savings accounts, and other types of bank accounts). Bank money, which consists (24) of records (mostly computerized in modern banking), forms (25) far the largest part of broad money in developed countries.

In the following passage, there are blanks, each of which has been numbered. Find out the appropriate word/phrase in each case.

Money is historically an emergent market phenomenon establishing a "commodity money", but nearly all contemporary money systems are based on fiat money. Fiat money, like any check or note of debt, is without use value as a physical commodity. It (21) its value by being declared by a government to be legal tender; that is, it must be (22) as a form of payment within the boundaries of the country, for "all debts, public and private". The money supply of a country consists of currency (banknotes and coins) and, depending on the (23) definition used, one or more types of bank money (the balances held in checking accounts, savings accounts, and other types of bank accounts). Bank money, which consists (24) of records (mostly computerized in modern banking), forms (25) far the largest part of broad money in developed countries.