Whatever Serves as a Medium of Exchange Is:​

question 85

Multiple Choice

Whatever serves as a medium of exchange is:​

• A)money.
• B)money,as long as it is also the best such medium of exchange available.
• C)money,as long as it is not also a commodity.
• D)money,as long as it is not also legal tender.
• E)not money,unless it continues to be backed by its issuing institution.

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Definitions:

Probability

A measure of the likelihood that an event will occur, expressed as a number between 0 (impossible) and 1 (certain).

Risk Averse

A description of an individual or entity's preference to avoid uncertainty, often choosing options with more predictable outcomes.

Probability

A measure of the likelihood that an event will occur, expressed as a number between 0 and 1.

Utility Function

Describes how a consumer ranks different baskets of goods based on the level of satisfaction or utility derived from them.