Which of the Following Best Fits the Definition of Money

question 117

Multiple Choice

Which of the following best fits the definition of money?

• A)gold
• B)any commodity or token that is generally acceptable as a means of payment
• C)an obligation between the parties to a transaction
• D)any unit of account
• E)any medium of exchange

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Definitions:

Comparative Advantage

The ability of an entity to produce a good or service at a lower opportunity cost than another entity, leading to more efficient trade.

Radios

Devices used for the wireless transmission and reception of sound through electromagnetic waves.

Televisions

Electronic devices designed for the reception and display of audiovisual content through terrestrial, satellite, cable, or internet sources.

Comparative Advantage

The ability of an individual, firm, or country to produce a good or service at a lower opportunity cost than competitors, leading to specialized trade benefits.