Homework Answers
Q1
Answer
Option 3
Unit of account
The unit of account is the function of money which denotes prices.
Store of money is a function which is keeping money for future use
The medium of exchange is a function which use the money to be exchanged for goods and services.
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Q2
Answer
Option 2
The store of account is a function used to store money for future.
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QUESTION 1 One use of money is to quote prices of different products in comparable units....
The medium of exchange function of money Select one: a. means that money acts as an...
The medium of exchange function of money Select one: a. means that money acts as an intermediary between buyers and sellers. b. relates to the fact that people measure prices using money. c. relates to the fact that money represents future purchasing power.
Question 8 (1 point) Classify the following three scenarios by the role which money plays. The...
Question 8 (1 point) Classify the following three scenarios by the role which money plays. The answers will either be medium of exchange, unit of account, or store of value. (1) Darnell deposits $1,200 in his savings account. (2) Rosa buys a new pair of jeans for $90. (3) Bernard compares the prices of the latest iPhone and the latest Android phone and determines that the iPhone is more expensive. Unit of account, store of value, medium of exchange Medium...
Determine whether each of the following would fulfill the three functions of money. If the item...
Determine whether each of the following would fulfill the three functions of money. If the item does not fulfill all three, name at least one function of money that it violates. Instructions: You may select more than one answer. Click the box with a check mark for correct answers, and click to empty the box for the wrong answers. a. Salt Salt could be a good store of value because salt keeps for a long time. Salt fulfills the medium...
Question 28 (1 point) Classify the following three scenarios by the role which money plays. The...
Question 28 (1 point) Classify the following three scenarios by the role which money plays. The answers will either be medium of exchange, unit of account, or store of value. (1) Darnell deposits $1,200 in his savings account. (2) Rosa buys a new pair of jeans for $90. (3) Bernard compares the prices of the latest iPhone and the latest Android phone and determines that the iPhone is more expensive. Store of value, unit of account, medium of exchange Unit...
- 14. The natural rate of unemployment is the a, unemployment rate that would prevail with...
- 14. The natural rate of unemployment is the a, unemployment rate that would prevail with zero inflation. b. rate associated with the highest possible level of GDP. c. difference between the long-run and short-run unemployment rates. d. amount of unemployment that the economy normally experiences. 15. Suppose that the adult population in some country is 225 million. If 40 million are unemployed and 100 employed, then the unemployment rate is approximately a. 29% b.18% c. 24%. d. 6% 16....
1. The best definition of inflation is a(n): a temporary increase in prices. b. increase in...
1. The best definition of inflation is a(n): a temporary increase in prices. b. increase in the price of one important commodity such as food. c. persistent increase in the general level of prices as measured by a price index. d. increase in the purchasing power of the dollar. 2. Inflation: a. reduces the cost-of-living of the typical worker. b. is measured by changes in the cost of a typical market basket of goods between time periods. c. causes the...
Question 9 (1 point) Which of the following is not considered a function of money? Question...
Question 9 (1 point) Which of the following is not considered a function of money? Question 9 options: it facilitates exchange it acts as a means of payment it can be held and exchanged for future goods and services it allows banks to lend out funds all of the above are functions of money Question 10 (1 point) Suppose that I find out from a L.L. Bean catalogue that a sweater costs $45. In this case, money is serving as...
Question 1) Quick Answers. For each of the following you only need to provide a one...
Question 1) Quick Answers. For each of the following you only need to provide a one or two-word response (choose one of the underlined phrases for each statement) When giving consideration to a crypto-currency like Bitcoin, we can say that is or is not a store of value, one of the functions of money? a) b) When giving consideration to a crypto-currency like Bitcoin, we can say that is or is not a medium of exchange, one of the functions...
Question 30 2p Capital budgeting involves O analyzing various alternatives of financing available to a company...
Question 30 2p Capital budgeting involves O analyzing various alternatives of financing available to a company deciding among various long-term investments O preparing the sales budget for the coming year O budgeting for yearly operational expenses Question 31 2 pts The benefit foregone by NOT choosing an alternative course of action is referred to as a(n): O opportunity cost. O sunk cost. incremental cost. O variable cost. Question 34 2 pts Which of the following describes a sunk cost? O...
A survey conducted by American Express in 2015, found that 23% of American adults "hide bills...
A survey conducted by American Express in 2015, found that 23% of American adults "hide bills in a secret location at home." a. When people keep their currency for the purpose of saving it, money performs the following function O People are holding money for future use, so the money is functioning as a store of value. O Money held within your home is easy to spend, so it functions as a medium of exchange Since the hidden money is...
Question 8 (1 point) Classify the following three scenarios by the role which money plays. The answers will either be medium of exchange, unit of account, or store of value. (1) Darnell deposits $1,200 in his savings account. (2) Rosa buys a new pair of jeans for $90. (3) Bernard compares the prices of the latest iPhone and the latest Android phone and determines that the iPhone is more expensive. Unit of account, store of value, medium of exchange Medium...
Question 28 (1 point) Classify the following three scenarios by the role which money plays. The answers will either be medium of exchange, unit of account, or store of value. (1) Darnell deposits $1,200 in his savings account. (2) Rosa buys a new pair of jeans for $90. (3) Bernard compares the prices of the latest iPhone and the latest Android phone and determines that the iPhone is more expensive. Store of value, unit of account, medium of exchange Unit...
- 14. The natural rate of unemployment is the a, unemployment rate that would prevail with zero inflation. b. rate associated with the highest possible level of GDP. c. difference between the long-run and short-run unemployment rates. d. amount of unemployment that the economy normally experiences. 15. Suppose that the adult population in some country is 225 million. If 40 million are unemployed and 100 employed, then the unemployment rate is approximately a. 29% b.18% c. 24%. d. 6% 16....
1. The best definition of inflation is a(n): a temporary increase in prices. b. increase in the price of one important commodity such as food. c. persistent increase in the general level of prices as measured by a price index. d. increase in the purchasing power of the dollar. 2. Inflation: a. reduces the cost-of-living of the typical worker. b. is measured by changes in the cost of a typical market basket of goods between time periods. c. causes the...
Question 1) Quick Answers. For each of the following you only need to provide a one or two-word response (choose one of the underlined phrases for each statement) When giving consideration to a crypto-currency like Bitcoin, we can say that is or is not a store of value, one of the functions of money? a) b) When giving consideration to a crypto-currency like Bitcoin, we can say that is or is not a medium of exchange, one of the functions...
Question 30 2p Capital budgeting involves O analyzing various alternatives of financing available to a company deciding among various long-term investments O preparing the sales budget for the coming year O budgeting for yearly operational expenses Question 31 2 pts The benefit foregone by NOT choosing an alternative course of action is referred to as a(n): O opportunity cost. O sunk cost. incremental cost. O variable cost. Question 34 2 pts Which of the following describes a sunk cost? O...
A survey conducted by American Express in 2015, found that 23% of American adults "hide bills in a secret location at home." a. When people keep their currency for the purpose of saving it, money performs the following function O People are holding money for future use, so the money is functioning as a store of value. O Money held within your home is easy to spend, so it functions as a medium of exchange Since the hidden money is...
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