If the Prices of Goods and Services Are Stated in Terms

question 33

Multiple Choice

If the prices of goods and services are stated in terms of kilograms of salt, then salt is

• A)a unit of account.
• B)a standard of deferred payment.
• C)a store of value.
• D)quasi-money.
• E)a medium of exchange.

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Definitions:

Utility Principle

A principle in ethics and economics that suggests the best action is the one that maximizes utility, often defined as maximizing happiness and minimizing suffering.

Sadistic Dictator

A ruler who derives pleasure from inflicting suffering on others, often exercising power in a cruel or brutal manner.

Kant

A German philosopher who profoundly influenced modern philosophy with his works on epistemology, ethics, and aesthetics, known for his critique of pure reason.

Morally Right

Refers to actions or decisions that are aligned with ethical principles, often implying a sense of duty or correctness based on moral laws.