A homeowner uses a $10 bill to pay a neighbor for cutting his lawn. The neighbor uses the $10 bill to buy dinner at a restaurant. That $10 bill is worth the same amount to the homeowner, the neighbor, and the restaurant. This is an example of which function of money?A.Store of valueB.Transfer of valueC.Standard of deferred paymentD.Measure of value

A farm worker gets paid today in money, but plans to spend the money next week. This illustrates which function of money?Question 6Answera.unit of accountb.standard of deferred paymentc.medium of exchanged.store of value

Which situation best illustrates the function of money as a measure of value?A.A computer company builds a factory overseas to make its products at a low cost.B.A farmer trades one of his cows to his neighbor for three of her sheep.C.A consumer compares the prices of different cars before deciding which one to buy.D.A banker gives money to an entrepreneur to help her start a new business.SUBMITarrow_backPREVIOUS

Which function of money describes its ability to allow people to pay for expensive goods or services over a long period of time?A.Store of valueB.Medium of exchangeC.Measure of valueD.Standard of deferred payment

Which of the following statement is TRUE about the economic functions of money?Group of answer choicesAll available answersMoney serves as a ‘Means of Payment’ since it can be viewed as a mechanism for exchange of goods or services in all types of transactions.Money acts as an ‘Unit of Account’ where, in the pricing of items, it becomes a standard unit of measurement of the value of goods or services.Money serves as a 'Store of Value' in that assets held in the form of money can be used as an investment for future use.

Jamila makes $1,000 per week and wants to purchase a $500 computer. She decides to save $50 per week for the next 10 weeks. Which of the following functions of money does this scenario best describe?Multiple Choicemeasure of valuemedium of exchangeyardstick of valuemeans of barteringstore of value