Monetary Value: Definition & Examples


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question 1 of 3

What is the best explanation of monetary value?

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1. Which one of the following is not subject to monetary valuation?

2. Which economic law determines the monetary value of something?

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About This Quiz & Worksheet

Currency is one of the most important things in our society, and this quiz tests you on various elements of monetary value.

Quiz & Worksheet Goals

This monetary value quiz is here to test your ability to:

  • Define monetary value
  • Determine which of given options is not subject to monetary valuation
  • Recall the law that determines the monetary value of something
  • Explain fair market price

Skills Practiced

  • Reading comprehension - draw the most important information from the related macroeconomics lesson
  • Critical thinking - use this information to consider if something is or is not subject to monetary valuation
  • Defining key concepts - accurately define phrases such as monetary value and fair market price
  • Information recall - remember the knowledge you've acquired about monetary value

Additional Learning

Want to learn more? The lesson Monetary Value: Definition & Examples covers the following objectives:

  • List examples of things priced by monetary value
  • Explain how to determine monetary value
  • Summarize the reasons why monetary value is so important to society