Which of the following statements is NOT true about money?
A) Money can only be coins and paper.
B) Anything that serves as a medium of exchange, as a unit of accounting, as a store of value, and as a standard of deferred payment can be called money.
C) Money is any medium that is universally accepted by sellers and creditors.
D) Money is a standard of deferred payment.
A
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Which of the following statements is true?
A) Economics is concerned with money, not choices. B) Economics can be used to predict people's actions. C) Economics does not provide insights into human behavior. D) Economic reasoning tends to reduce the quality of decision making.
A virtuous cycle occurs
A) when a firm can attract enough buyers initially to increase a product's usefulness to attract even more buyers. B) when lobbyists petition members of Congress to grant a public franchise; the lobbyist then raise money for those Congress members who granted the franchise. C) when monopoly profits are used to create new products for additional monopoly profits. D) when a firm's sales volume reaches a level where the firm can take advantage of economies of scale; thereby reducing the price of the product to further boost its sales.