Money that is backed by nothing but the faith and confidence that if you accept it in exchange for something, you will be able to exchange it for something else, is referred to as ________

When housing prices fell as they did beginning in 2006 following the housing market bubble, most banks and other lenders ________ the requirement for borrowers, making it ________ for potential home buyers to obtain mortgages

A) tightened; harder B) eased; easier C) eased; harder D) tightened; easier

An asset is liquid if

A) it earns interest. B) it is backed by a government guarantee. C) it can be exchanged for other items of value without high transaction costs. D) All of the above are correct.