Money is anything that: A) serves as a medium of exchange for goods and services

Question

Money is anything that: A) serves as a medium of exchange for goods and services. B) can be converted into silver with relatively little loss in value. C) can be converted into gold with relatively little loss in value. D) is traded in the stock market. 2. An economy that lacks a medium of exchange must use a(n): A) anarchist system. B) barter system. C) communist system. D) expanding system. 3. Which of the following assets is the most liquid? A) a $50 bill B) a $50 Amazon.com gift certificate C) 100 shares of Microsoft stock D) an economics textbook

Explanation / Answer

2. In the absence of medium of exchange, the economy should follow barter system. This is the process of exchanging goods.

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