The functions of money are
A) a conductor of economic activity, a medium of exchange, and a store of value.
B) a medium of exchange, a store of value, and a factor of production.
C) a store of value, a medium of exchange, and a determinant of investment.
D) a store of value, a unit of account, and a medium of exchange.
Ans: D) a store of value, a unit of account, and a medium of exchange.
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Refer to Figure 11-7. If output is 100 units what is the fixed cost of production?
A) $8 B) $800 C) $1,000 D) This cannot be determined from the diagram.
A President who favors the use of government spending and taxes as tools to offset instability in the economy is likely to have advisers who are oriented toward
A) Keynesian economics. B) Monetarist economics. C) rational expectations. D) the policies advocated by Milton Friedman.