Aside from Being a Means of Payment, the Other Functions

question 206

Multiple Choice

Aside from being a means of payment, the other functions of money are

• A) medium of exchange and the ability to buy goods and services.
• B) medium of exchange, unit of account, and means of lending.
• C) pricing, contracts, and store of value.
• D) medium of exchange, unit of account, and store of value.

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Definitions:

Human Capital

The combined abilities, expertise, and non-physical assets of people that contribute to generating economic wealth.

Technology

The application of scientific knowledge for practical purposes, especially in industry and in our daily lives.

Determinants Of Productivity

Factors that influence the output that an individual, company, or economy can produce with a given amount of input, such as technology, human capital, and innovation.

Ife Figures

Ancient artistic sculptures from the Yoruba city of Ife, in present-day Nigeria, celebrated for their sophisticated realism and craftsmanship.