What are the four functions of money? Can something be considered money if it does not fulfill all four functions?

What will be an ideal response?


The four functions are medium of exchange, unit of account, store of value, and standard of deferred payment. In the long run, something will not serve as money if it does not fulfill all four functions.

Economics

You might also like to view...

A subsidy is a negative tax

Indicate whether the statement is true or false

Economics

Can electric utility companies always raise their total revenue by raising their rates?

What will be an ideal response?

Economics

Refer to Figure 4-4. What is the value of the deadweight loss at a price of $18?

A) $100 B) $180 C) $660 D) $1,040

Economics

A monopolist maximizes profits by finding

A) the rate of output where marginal revenue equals marginal cost. B) the rate of output where price equals marginal cost. C) the price where price exceeds marginal revenue by that largest amount. D) the price where average revenue and marginal cost are equal.

Economics