Which of the following statements is NOT true about money?
A) Money can only be coins and paper.
B) 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.
C) Money is any medium that is universally accepted by sellers and creditors.
D) Money is a standard of deferred payment.
A
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If a household's money income changes and prices do not change, what happens to the household's real income and budget line?
What will be an ideal response?
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Exhibit 30-4
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One problem with NAFTA that is not shared by other trade blocs is that
A) national environmental laws differ greatly. B) the countries are at very different stages of economic development. C) the countries speak different languages. D) the countries are not natural trading partners. E) the United States and Mexico have a history of conflict.
Starting from long run equilibrium, in response to a decrease in AD: a. The price level will increase more in the long run than in the short run
b. The short run equilibrium level of real output will be greater in the long run than in the short run. c. Neither the price level nor real output will change in the long run. d. Both a. and b. are correct