Unit of Account Quiz
3 Questions
0 Views

Choose a study mode

Play Quiz
Study Flashcards
Spaced Repetition
Chat to lesson

Podcast

Play an AI-generated podcast conversation about this lesson

Questions and Answers

Which of the following best describes the function of money as a unit of account?

  • Money serves as a common measure of the value of goods and services being exchanged. (correct)
  • Money provides a common currency for international trade.
  • Money helps us quantify the opportunity cost of consuming goods and services.
  • Money facilitates efficient decision-making in terms of buying goods and services.

    • What is the opportunity cost of buying a pair of shoes if oranges cost $6/dozen and a pair of shoes costs $12?

  • 3 dozen oranges
  • 1 dozen oranges
  • 2 dozen oranges (correct)
  • 4 dozen oranges

    • How does knowing the value of a good in terms of money facilitate efficient decision-making?

  • It provides a common currency for international trade.
  • It allows for easy comparison and evaluation of different goods and services. (correct)
  • It ensures fair exchange of goods and services.
  • It helps us quantify the opportunity cost of consuming goods and services.

    • More Like This

    Use Quizgecko on...
    Browser
    Open
    Browser
    Browser