For Anything to Be Considered Money It Must Be

question 27

Multiple Choice

For anything to be considered money it must be

• A)a valuable commodity,such as gold.
• B)a token,such as a green piece of paper.
• C)either a commodity or a token,as long as it is generally accepted as a means of payment.
• D)a mystical token,such as whale teeth.
• E)used in barter transactions.

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Definitions:

Price Ceiling

A government-imposed limit on how high a price can be charged for a product or service, intended to protect consumers.

Price Floor

A minimum price set by the government for certain goods and services, intended to ensure fair conditions for producers.

Shortage

A situation where demand exceeds supply, often leading to rising prices and unmet consumer needs.

Surplus

An excess of income or assets over expenditure or liabilities in a given period, often referring to profit or the amount of goods produced over what is needed.