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Questions and Answers
What are the three functions of money?
What are the three functions of money?
- To serve as a medium of exchange, to store value, and to measure value (correct)
- To serve as a medium of exchange, to store value, and to measure goods
- To serve as a medium of trade, to store value, and to measure goods
- To serve as a medium of exchange, to store goods, and to measure goods
What is the definition of money according to economists?
What is the definition of money according to economists?
- Anything that people use to store their wealth
- Anything that is commonly traded
- Anything that is made of precious metals
- Anything that people are willing to accept in exchange for goods (correct)
What gives money its value?
What gives money its value?
- The amount of precious metal it contains
- The confidence that someone else will accept its value (correct)
- The alternative uses it has
- The cost to make it
