DISCUSSION QUESTIONS ON MONEY-CHAPTER THREE Which one is true about money? a. Mo

Question

DISCUSSION QUESTIONS ON MONEY-CHAPTER THREE Which one is true about money? a. Money cannot be a commodity b. Money cannot be a token c. Money can be either commodity or token d. Money is neither commodity nor token 1. 2. Winston Smith uses a check to buy a smart phone. Winston is using money as a. Store of value b. Unit of account. c. Medium of exchange. d. all of these. 3. Every year Julia sets aside a part of your annual earnings in a savings account. Julia using money primarily as a: a. Medium of exchange b. Store of value. c. Unit of account. d. Standard of value. 4. A $500 price tag on a Maytag washer is an example of money functioning as a: a Unit of account. b. Standard of deferred payments c. Store of value. d. Medium of exchange. 5. When money is used to compare the price of hamburger in Jack in the box with price o hamburger in Burger King, money is being used as: a. Store of value. b. Unit of account. c. Medium of exchange. d. All of these 6. Money includes a. Bank deposits and checks b. Cash, bonds and stock c. Currency, deposits and checks d. Currency, deposits, checks and credit cards e. Bank deposits and currency

Explanation / Answer

1. Answer is c. part - Money can be either commodity or token.

Reason - 1) Commodity moneis are those which are made from presious metals like gold & silver. we can directly perceived its value.

2) Token money are generally in form of paper, it only reperents the money and has less commodity value compared to its face value. example can be Bill of Exchange and other negociable instruments.

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