Which of the following is not a correct statement about money?
a. Money serves as a medium of exchange
b. The value of money generally fluctuates much more than the prices of individual commodities like oil or wheat.
c. Money serves as a store of value.
d. Money serves as a means of deferred payment.
b
You might also like to view...
Is it possible for the total market demand for a good at the prevailing price to be inelastic while the demand facing any one seller of the good is highly elastic?
A) No, because each seller's demand is a part of the total demand. B) No, because if this were the case the price would fall until the market demand became elastic. C) No, because if this were the case the price would rise until the market demand became elastic. D) Yes, and it's actually quite common.
The above figure shows the demand and supply curves for housing. What would be the effects of a rent ceiling equal to $500 per month?
A) a surplus equal to 3,000 apartments B) a shortage equal to 3,000 apartments C) a shortage equal to 250 apartments D) nothing because the rent ceiling has no effect on the equilibrium price and quantity