Using Money Earned Today for Future Purchases Is Money's Role

question 20

Multiple Choice

Using money earned today for future purchases is money's role as a

• A)unit of account.
• B)store of value.
• C)medium of exchange.
• D)unit of standard.

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Definitions:

State of Nature

A concept in political philosophy used to describe the hypothetical conditions of human life before the establishment of society or government.

Thomas Hobbes

A 17th-century English philosopher best known for his work in political philosophy, particularly his book "Leviathan," which established the foundation for most of Western political philosophy.

Judicial Review

The power of courts to assess the constitutionality of laws and government actions and to overturn those that are found unconstitutional.

Constitution

The fundamental principles or established precedents according to which a state or other organization is governed.