Something becomes money only if
A) people use it as a general medium of exchange.
B) it is backed by another commodity, typically gold or silver bullion.
C) the central government says it's money.
D) it promises to pay the bearer a fixed quantity of a scarce metallic good.
A
Economics
You might also like to view...
Bananaland produces only bananas and sunscreen and the quantities and prices for 2012 and 2013 are given in the table above. The base year is 2012. Nominal GDP in 2012 is equal to
A) $500. B) $625. C) $640. D) $800. E) $100.
Economics
Which of the following are TRUE regarding "positive" statements?
I. They describe what "ought to be." II. They describe what is believed about how the world appears. III. They can be tested as to their accuracy. A) I and II B) II and III C) I and III D) I, II and III
Economics