When Economists Refer to the Role of Money as a Unit

question 68

Multiple Choice

When economists refer to the role of money as a unit of account, they mean that

• A)most accounting systems reflect that goods are purchased with currency.
• B)most accounting systems reflect that goods are purchased with checks.
• C)money gives traders a way of measuring value in the economy.
• D)money makes it possible for specialization to take place.

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Definitions:

Acknowledges

The act of recognizing or admitting the existence or truth of something, often formally in writing.

Specified Act

An action precisely described or defined within a legal document or law.

Executory

Describes a contract or lease that has not yet been fully performed or completed by all parties involved.

Formal

Adhering to established conventions or requirements; official.