Money frees society from a system of barter. In doing so, money is performing which of the following functions?
A) Store of value
B) Measure of worth
C) Unit of account
D) Determination factor
E) Medium of exchange
Answer: E
Explanation: E) We use money as a way of buying and selling things; without money, we would all be involved in a system of barter.
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Holly Corp. engaged Yost & Co., CPAs, to audit the financial statements to be included in a registration statement Holly was required to file under the provisions of the Securities Act of 1933. Yost failed to exercise due diligence and did not discover the omission of a fact material to the statements. A purchaser of Holly's securities may recover from Yost under Section 11 of the Securities Act of 1933 only if the purchaser
A. Brings a civil action within 1 year of the discovery of the omission and within 3 years of the offering date. B. Proves that the registration statement was relied on to make the purchase. C. Proves that Yost was negligent. D. Establishes privity of contract with Yost.
If demand hardly changes with a small change in price, the demand is ________
A) variable B) inelastic C) highly elastic D) derived E) negative