The Three Functions of Money Are Medium of Exchange

question 244

Multiple Choice

The three functions of money are medium of exchange,

• A) measure of value, and standard of value.
• B) measure of value, and store of value.
• C) standard of value, and store of value
• D) medium of value, and store of value.
• E) measure of value, and deferred value.

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Definitions:

Hawthorne Plant

A reference to the site of an influential set of studies in the early 20th century in the Hawthorne Works, a factory of the Western Electric Company, which highlighted the impact of work conditions on employee productivity.

Human Relations School

An approach to management and organizational theory that emphasizes the importance of human needs in the workplace and the key role of social interactions in employee satisfaction and productivity.

Primary Labor Market

Is composed mainly of highly skilled or well-educated white males. They are employed in large corporations that enjoy high levels of capital investment. In the primary labor market, employment is secure, earnings are high, and fringe benefits are generous.