The Primary Functions of Money Are

question 149

Multiple Choice

The primary functions of money are:

• A) velocity, liquidity, and transactions.
• B) speculative demand, measure of value, and precautionary demand.
• C) a medium of exchange, a unit of account, and a store of value.
• D) a store of value, heterogeneity, and a medium of exchange.
• E) currency value, fiat value, and accepted value.

Understand the concept of cost of goods sold (COGS) and its adjustments.

Apply knowledge of manufacturing overhead application and adjustment in cost calculations.

Calculate cost of goods manufactured from provided data.

Comprehend the use of job-order costing systems in manufacturing settings.

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Definitions:

Demand Price

The price of a given quantity at which consumers will demand that quantity.

Perfectly Inelastic

A market situation where the quantity demanded or supplied does not change in response to a change in price.

Deadweight Loss

The inefficiency caused in a market where all potential gains from trade are not realized due to factors like taxes or subsidies.

Per-Unit Tax

A tax imposed on a product on a per unit basis, raising the cost of production or sale for that product.