Which part or parts of the following statement describe each of the three functions of money?
"A pair of prescription glasses costs $250. I am spending $250 on one pair right now, and am saving $250 to buy a second pair in 6 months when the new styles are introduced."
Spending $250 on one pair of prescription glasses right now describes the medium of exchange function.
Saving $250 to buy a second pair of prescription glasses in 6 months describes the store of value function.
The $250 price for a pair of prescription glasses describes the standard of value function.
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The situation in which buyers are able to affect the price of a good is referred to as ________ power
A) monopoly B) purchasing C) monopsony D) countervailing
Demand for the Brazilian real is
A) determined by how well the real maintains its value. B) a function of the Brazilian banking system. C) derived from the supply of U.S. dollars. D) derived from the demand for Brazilian goods.