Money serves as a standard of deferred payment when
A. It can be easily store today and used for transactions in the future
B. Payments agreed to today but made in the future are in terms of money
C. Sellers are willing to accept it in exchange for goods or services
Ans: B. Payments agreed to today but made in the future are in terms of money
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When event B follows event A three times in succession, but people say B following A is "just a coincidence," they usually mean
A) it is highly improbable B will follow A a fourth time. B) it is more common for A to follow B. C) B following A is only a subjective opinion. D) there has not been sufficient observation to connect B positively with A. E) they aren't aware of any causal theory linking B to A.
Economists refer to the actions people take after they have entered into a transaction that makes the other party to the transaction worse off as
A) economic inefficiency. B) moral hazard. C) market failure. D) bad faith.