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1) To the extent that money serves as a medium of exchange a) it reduces transac

ID: 1245784 • Letter: 1

Question

1) To the extent that money serves as a medium of exchange a) it reduces transaction costs. b) it eliminates the need for barter. c) it benefits both buyers and sellers. d) All of the above are correct. 2) Which of the following items has the most liquidity? a) season tickets to Chicago Cubs games b) real estate c) a checking account d) a diamond ring 3) When Corrina and Sam use dollars to compare the worth of their respective cars, money is serving as a(n) a) medium of exchange. b) relative standard. c) unit of accounting. d) absolute standard.

Explanation / Answer

1.c 2.a and 3.b

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