ECONOMICS
INCENTIVES
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
familiar
|
|
|
divisible
|
|
|
accepted
|
|
|
All of these options
|
Detailed explanation-1: -Standard of value is an agreed-upon worth for a transaction in a country’s medium of exchange, such as the U.S. dollar or Mexican peso. A standard of value allows all merchants and economic entities to set uniform prices for goods and services. This standard is necessary in order to maintain a stable economy.
Detailed explanation-2: -Money is often defined in terms of the three functions or services that it provides. Money serves as a medium of exchange, as a store of value, and as a unit of account. Medium of exchange.
Detailed explanation-3: -In order for money to function well as a medium of ex-change, store of value, or unit of account, it must possess six characteristics: divisible, portable, acceptable, scarce, durable, and stable in value.
Detailed explanation-4: -Durability. Portability. Divisibility. Uniformity. Limited supply. Acceptability.