The Unit-Of-Account Function of Money Means That Money Is Used

question 75

Multiple Choice

The unit-of-account function of money means that money is used

• A) as a consistent means of measuring the value of things.
• B) as the common denominator of future payments.
• C) to pay for goods and services.
• D) to accumulate purchasing power.

Recognize the characteristics and effects of informal groups within organizations.

Identify strategies for promoting effectiveness within teams.

Describe the process and stages of team development.

Distinguish between different types of groups (task, friendship, etc.) in the workplace.

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Definitions:

Negative Externality

A cost that is suffered by a third party as a result of an economic transaction.

Pigovian Externality

A situation where a market activity imposes a positive or negative cost or benefit on a third-party that is not reflected in the market price.

Free-Rider Problem

A situation in a shared-resource system where individuals consume more than their fair share or pay less than their fair share of the cost.

Free-Rider Problem

A situation where individuals consume a public good without contributing to its cost, undermining the provision of that good.