Which of the Following Defines the "Medium of Exchange" Function

question 26

Multiple Choice

Which of the following defines the "medium of exchange" function of money?

• A) To provide a common measurement of the relative value of different goods and services.
• B) The ability of money to hold value over time.
• C) The materials used manufacture money are of medium grade so that people will not hoard money for its commodity value.
• D) Money that is widely accepted in exchange for goods and services.

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Definitions:

Small Request

A strategy in compliance that involves making a minor request followed by a larger one to increase the likelihood of the larger request being agreed upon.

Foot-In-The-Door Phenomenon

A principle in social psychology suggesting people are more likely to agree to a large request after first agreeing to a small, related request.

Peripheral Route Persuasion

A method of persuasion that relies on superficial cues, such as attractiveness or celebrity endorsement, to elicit a response without requiring deep processing of the message content.

Fundamental Attribution Error

The tendency to overemphasize personality traits and underestimate situational factors when explaining other people's behavior.