Which of the following statements is NOT true about money?
A. Money can only be coins and paper.
B. Money is a standard of deferred payment.
C. Anything that serves as a medium of exchange, as a unit of accounting, as a store of value, and as a standard of deferred payment can be called money.
D. Money is any medium that is universally accepted by sellers and creditors.
Answer: A
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A map is an example of a model because a map
A) realistically describes an area. B) is always as complex as space will permit. C) is two-dimensional. D) is a simplified representation of reality.
When both exports and imports are considered, the major advantage of international trade is that it allows us to:
a. sample foreign products that many of us would otherwise never see. b. consume a larger, more diverse quantity of goods and services at lower prices than would otherwise prevail. c. share our technology and efficiency with less-developed countries that would otherwise never have the opportunity to observe modern goods and services. d. maintain jobs for workers who would otherwise have little to do.
The price index for the base year is always 100
a. True b. False Indicate whether the statement is true or false
Marta lends money at a fixed interest rate and then inflation turns out to be higher than she had expected it to be. The real interest rate she earns is
a. higher than she had expected, and the real value of the loan is higher than she had expected. b. higher than she had expected, and the real value of the loan is lower than she had expected. c. lower than she had expected, and the real value of the loan is higher than she had expected. d. lower then she had expected, and the real value of the loan is lower than she had expected.