When Economists Refer to the Role of Money as a Standard

question 58

Multiple Choice

When economists refer to the role of money as a standard of deferred payment, they mean that

• A)payments by checks are usually deferred until the checks clear the bank.
• B)money earns interest while loan payments are deferred.
• C)money provides a standard for payments that will occur in the future.
• D)money today is worth less than money tomorrow.

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Definitions:

Seniority Rights

The rights or privileges granted to employees based on their length of service with an employer, often influencing decisions on promotions, layoffs, and other employment matters.

Employee Participation

The involvement of employees in the decision-making processes and operations of their workplace.

Management Manipulation

Tactics employed by management to subtly or overtly influence the decisions or behavior of employees, often to the detriment of the latter.

Piece Rates

A compensation system where workers are paid based on the amount of work produced or tasks completed, rather than receiving a fixed hourly wage.