Which of the Following Items Serve as a Unit of Account

question 139

Multiple Choice

Which of the following items serve as a unit of account?
I. $100 cash
II. checkable deposits
III. an original Picasso painting
IV. a $1,000 corporate bond that you own

• A) I only
• B) I and II
• C) I, II, and III
• D) I, II, and IV
• E) I, II, III, and IV

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Definitions:

Variable

A variable represents any quantity, factor, or feature that can vary or change in mathematical modeling, statistics, and scientific experiments, influencing results or outcomes.

Output

Refers to the total amount of goods or services produced by an individual, company, or economy.

AVC

Average Variable Cost, the total variable costs divided by the quantity of output produced.

AVC

Average Variable Cost refers to the sum of all variable expenses incurred when producing an item, divided by the number of units produced.