Cloze Test – Test 160

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

Monetary economics is a branch of economics that (21) a framework for analyzing money in its functions as a medium of exchange, store of value, and unit of account. It considers (22) money, for example fiat currency, can gain acceptance purely because of its convenience as a public good. It (23) the effects of monetary systems, including regulation of money and associated financial institutions and international aspects. <br> The discipline has historically prefigured, and remains integrally (24) to, macroeconomics. Modern analysis has attempted to provide micro foundations for the demand for money and to (25) valid nominal and real monetary relationships for micro or macro uses, including their influence on the aggregate demand for output. Its methods include deriving and testing the implications of money as a substitute for other assets and as based on explicit frictions.

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

Monetary economics is a branch of economics that (21) a framework for analyzing money in its functions as a medium of exchange, store of value, and unit of account. It considers (22) money, for example fiat currency, can gain acceptance purely because of its convenience as a public good. It (23) the effects of monetary systems, including regulation of money and associated financial institutions and international aspects. <br> The discipline has historically prefigured, and remains integrally (24) to, macroeconomics. Modern analysis has attempted to provide micro foundations for the demand for money and to (25) valid nominal and real monetary relationships for micro or macro uses, including their influence on the aggregate demand for output. Its methods include deriving and testing the implications of money as a substitute for other assets and as based on explicit frictions.

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

Monetary economics is a branch of economics that (21) a framework for analyzing money in its functions as a medium of exchange, store of value, and unit of account. It considers (22) money, for example fiat currency, can gain acceptance purely because of its convenience as a public good. It (23) the effects of monetary systems, including regulation of money and associated financial institutions and international aspects. <br> The discipline has historically prefigured, and remains integrally (24) to, macroeconomics. Modern analysis has attempted to provide micro foundations for the demand for money and to (25) valid nominal and real monetary relationships for micro or macro uses, including their influence on the aggregate demand for output. Its methods include deriving and testing the implications of money as a substitute for other assets and as based on explicit frictions.