Questions
Single choice
The medium-of-exchange function means that money is used:
Options
A.as the common denominator of future payments.
B.as the common denominator of prices.
C.to pay for goods and services.
D.to accumulate purchasing power.
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Step-by-Step Analysis
Question restatement: The medium-of-exchange function means that money is used for...
Option 1: "as the common denominator of future payments." This option confuses the idea of a common unit for future obligations with the actual role of money as the medium of exchange. While money can be used......Login to view full explanationLog in for full answers
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Part 1In prison, cigarettes are sometimes used among inmates as a form of payment. All of the following explain how cigarettes solve the "double coincidence of wants" problem, even if a prisoner does not smoke, except: A. cigarettes serve as a medium of exchange. B. prisoners can exchange cigarettes for other goods and services. C. exchanging cigarettes for other goods and services increases transaction costs. D. cigarettes are widely accepted as a form of payment in prison.
Part 1In prison, cigarettes are sometimes used among inmates as a form of payment. All of the following explain how cigarettes solve the "double coincidence of wants" problem, even if a prisoner does not smoke, except: A. cigarettes are widely accepted as a form of payment in prison. B. prisoners can exchange cigarettes for other goods and services. C. cigarettes serve as a medium of exchange. D. exchanging cigarettes for other goods and services increases transaction costs.
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