Question: 1. Distinguish between:
(a) means of payment and medium of exchange;
(b) inside money and outside money;
(c) broad money and narrow money.
2. What is the distinction being made in the text between ‘descriptive' and ‘prescriptive' definitions of money?
3. Distinguish between ‘monitoring' and ‘targeting' in the context of money supply measures.
4. List the problems faced by the monetary authorities in preparing money supply statistics.