Which of the following best illustrates the concept of a store of value?
a. You are a precious-metals dealer, and you are always aware of how many ounces of platinum trade for an ounce of gold.
b. You sell items on eBay, and your prices are stated in terms of dollars.
c. You keep 6 ounces of gold in your safe-deposit box at the bank for emergencies.
d. None of the above is correct.
c
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If the Fed wishes to increase the money supply it can:
A. Raise the federal funds rate. B. Sell bonds on the open market. C. Decrease the discount rate. D. Increase the required reserve ratio.
A major source of inefficiency in barter economies is that they require
A) a standard of deferred payment to make trade possible. B) more liquid stores of value than do monetary economies. C) a double coincidence of wants in exchange. D) All of the above are correct.