Money doesn't have to have any inherent value to function as a medium of exchange.

Answer the following statement true (T) or false (F)


True

Money's value as a medium of exchange is derived from social convention.

Economics

You might also like to view...

As a researcher, which aspect of the results would be of greatest concern?

A) the negative value of the constant (i.e., -6,500) B) the relatively low impact of the competitor's price C) the fact that not all of the variables are statistically significant D) the poor fit of the regression line

Economics

An understanding of opportunity costs is important to understanding: a. how to calculate the total revenue generated by a firm. b. how to assess the economic profitability of a firm

c. How to calculate the tax liability of a firm. d. how accountants calculate accounting profits.

Economics

Peruvian economist Hernando de Soto claims the ___________ in Latin America results in "dead capital."

A. weak titling system B. strong titling system C. general lack of strong national defense D. generally weak currencies

Economics

You should collect _______ amount of data to create _______ to test the _______ indicated by the economic model.

Fill in the blank(s) with the appropriate word(s).

Economics