One Function of Money Is as a Medium of Exchange

question 37

Multiple Choice

One function of money is as a medium of exchange.Which of the following best describes medium of exchange?  

• A) It is socially acceptable for goods and services. 
• B) It is easy to reproduce. 
• C) It is used to eliminate specialization and the division of labour. 
• D) It is used when a system of barter exists.

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Definitions:

Actual Authority

The explicit power given to an agent or representative by a principal, allowing them to make decisions and act on the principal's behalf.

Apparent Authority

Apparent authority refers to a situation where a person appears to have the authority to act on behalf of another (such as an employer) even if no actual authority has been granted, leading others to reasonably believe in that authority.

Mutual Agreement

An accord reached by two or more parties who have made concessions to each other to resolve a conflict or reach a decision.

Notified

Informed or made aware, often in a formal or official manner.