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.

) Money is defined asQuestion 10Answera.all of the above.b.a riskless repository of spending power.c.anything that is generally accepted in payment for goods and services or in the repayment of debt.d.only A and B of the above.e.bills of exchange.

Which of the following is a correct listing of money's functions?Group of answer choicessource of credit, value of transaction costs, unit of bartermedium of barter, medium of exchange, medium of transactionsunit of barter, unit of accout, a unit of incomestore of value, store of exchange, measure of accountstore of value, medium of exchange, unit of account

Which situation best illustrates the function of money as a measure of value?A.A banker decides to invest money into a new business an entrepreneur would like to start.B.A clothing designer decides to open a new factory overseas in order to lower labor costs.C.A company sets the price it charges for juice by checking how much different beverages cost at a local market.D.A farmer trades a truck full of vegetables to his neighbor in exchange for a new tractor.

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

Money isA) anything that is generally accepted in payment for goods and services or in the repaymentof debt.B) a flow of earnings per unit of time.C) the total collection of pieces of property that are a store of value.D) always based on a precious metal like gold or silver