When money provides a yardstick that allows individuals to compare the relative values of goods and services, it is functioning as a
A) standard of deferred payment. B) medium of exchange.
C) unit of accounting. D) store of value.
C
Economics
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In an economy where nominal incomes adjust equally to changes in the price level, we would expect the long-run aggregate supply curve to be: a. vertical
b. horizontal. c. unit elastic. d. negatively sloped. e. positively sloped.
Economics
A firm can choose a quantity of output, and the price is then determined by
a. the government. b. the supply schedule. c. consumers' demand. d. the average cost.
Economics