The functions of money are
A) medium of exchange, unit of account, and store of value.
B) medium of exchange, the ability to buy goods and services, and the ability to pay off debts.
C) medium of exchange, the ability to buy goods and services, and checking accounts.
D) credit cards, checking accounts, currency, and coins.
E) store of value, use as a barter mechanism, and unit of account.
A
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The use of money as a medium of exchange
I. lowers transaction costs. II. permits more specialization. A) I only B) II only C) Neither I nor II D) Both I and II
Which of the following is an example of product differentiation based on the physical aspects of a product?
a. A fashion designer advertising the new comfortable design of its apparels b. A housing construction company offering low-interest bank loans for purchasing its apartments c. A car mechanic opening his new workshop near a busy highway d. An electronic company offering a warranty of 5 years for its air conditioners