QUESTION 5 If whole tomatoes were money, which of the following functions of mon

Question

QUESTION 5 If whole tomatoes were money, which of the following functions of money would be the hardest for tomatoes to satisty? O medium of exchange O unit of account O store of value O certificate of gold QUESTION 6 When we put a price tag on goods and services, we are using money asa means of payment. medium of exchange. store of value. unit of account. QUESTION 7 The U.S. dollar is caled fiat money because the law decrees it is money faith money. commodity money, because it is convertible into gold. convertible money because the government stands ready to convert it into gold or siver QUESTION 8 Which of the following is an example of money? currency in your wallet credit card used as a payment for a good or service currency inside the banks checks written as payment for a good or service

Explanation / Answer

Question 5

Store of value. Tomatoes are highly perishable and money must hold its value over time.

Question 6

Unit of account. By putting a price tag or value, we can provide a common measure of the value of goods and services being exchanged.

Question 7

Fiat money. Fiat money is declared legal tender by the government.

Question 8

Currency in your wallet and with banks are money.

Credit cards are not money as it is not a medium of exchange.

Check is not money because it is only a means of payment not medium of exchange. It is not part of owner's assets.

Related Questions

Navigate

• Browse (All)
• Browse Q
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.