If the Prices of Goods and Services Were Expressed in Terms

question 12

Multiple Choice

If the prices of goods and services were expressed in terms of carved wooden beads, then the carved wooden beads would be serving as a

• A) medium of exchange.
• B) store of value.
• C) unit of account.
• D) mechanism for transforming present purchases into future purchases.

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Definitions:

Arshile Gorky

A seminal Armenian-American painter, associated with the early movement of abstract expressionism, known for his influential and emotionally charged works.

Performance Art

An American avant-garde art trend of the 1960s that made time an integral element of art. It produced works in which movements, gestures, and sounds of persons communicating with an audience replace physical objects. Documentary photographs are generally the only evidence remaining after these events. See also Happenings.

Francis Bacon

A British painter known for his bold, grotesque, emotionally charged, and raw imagery.

War

A state of armed conflict between different countries or different groups within a country, involving organized use of force and weapons.