When Money Functions as a Unit of Account, It Is

question 37

True/False

When money functions as a unit of account, it is used as payment for goods and services.

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Definitions:

Full Faith and Credit Clause

A clause in the United States Constitution that requires each state to recognize and respect the judicial proceedings, public records, and legislative acts of every other state.

Judicial Decision

A ruling or determination made by a judge or court regarding a legal matter or case.

Checks and Balances

A system in which different parts of an organization or government have powers that affect and control the other parts, preventing any one part from becoming too powerful.

Equal Protection Clause

The provision in the Fourteenth Amendment to the U.S. Constitution that guarantees that no state will “deny to any person within its jurisdiction the equal protection of the laws.” This clause mandates that state governments treat similarly situated individuals in a similar manner.