Whatever a Society Uses as Money,the Distinguishing Characteristic Is That

question 84

Multiple Choice

Whatever a society uses as money,the distinguishing characteristic is that it must

• A)be completely inflation proof.
• B)be generally acceptable as payment for goods and services or in the repayment of debt.
• C)contain gold.
• D)be produced by the government.

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Definitions:

GIC

A Guaranteed Investment Certificate (GIC) is a Canadian investment that offers a guaranteed rate of return over a fixed period, often issued by banks or trust companies.

Maturity Value

The sum of money an investor receives at the conclusion of a fixed-term investment, which encompasses both the original investment and the earned interest.

Inflation Rate

The speed at which the overall price level for products and services increases, diminishing the buying power.

Hourly Rate

The amount of money paid or charged for one hour of labor or service.