Asked by Alejandro Bernal on Jul 19, 2024
Verified
When money is used to set the value of goods such as cars,DVD players,and TVs,money is serving as a
A) medium of exchange.
B) standard of value.
C) store of value.
D) standard of deferred payment.
Standard of Value
A recognized measure that is used to set the price or value of goods, services, or assets in economic transactions.
- Pinpoint and interpret the functions money serves within an economic framework.
Verified Answer
TM
Taylor McLeanJul 26, 2024
Final Answer :
B
Explanation :
When money is used to set the value of goods, it is serving as a standard of value. This means that money is being used as a unit of measurement for the worth of goods and services. The other options do not fit this scenario - a medium of exchange is when money is used to purchase goods and services, a store of value is when money is held as an asset, and a standard of deferred payment is when money is used to settle debts in the future.
Learning Objectives
- Pinpoint and interpret the functions money serves within an economic framework.