Which of the Following Applies to the Use of Money

question 351

Multiple Choice

Which of the following applies to the use of money as a unit of account?
I. A unit of account is an agreed measure for stating the prices of goods and services.
II. Using money as a unit of account creates a simplified pricing system.
III. Economies choose many goods as units of account.

• A) I only
• B) II only
• C) I and III
• D) I and II

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Definitions:

Early Warning System

A system designed to detect and provide advance notice of potential dangers, such as natural disasters, to minimize their impacts.

Seismic Networks

Arrays of seismographs or seismic stations spread over an area to monitor and record earth movements and earthquakes.

Warning Buoys

Floating devices placed in bodies of water to alert mariners of potential hazards, changes in weather conditions, or to mark safe navigation channels.

Tectonic Setting

The geological and geophysical environment of an area in relation to the structure and movement of the Earth's lithosphere.