Which of the Following Is a Common Definition of Money

question 78

Multiple Choice

Which of the following is a common definition of money?

• A)a generally accepted medium of exchange
• B)gold
• C)foreign-exchange reserves
• D)paper currency
• E)the Canadian dollar

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Definitions:

Specialize

To focus on a specific area of knowledge, skill, or production, often improving efficiency and quality in the process.

Produce

To create, manufacture, or grow goods and products.

Heckscher-Ohlin Model

An economic theory that proposes countries export what they can most efficiently and abundantly produce, based on their factor endowments of labor, capital, and resources.

Absolute Advantage

The capability of one entity to produce more of a good, product, or service with the same amount of resources than another.