The Statement,"My IPhone Is Worth $700" Represents Money's Function as

question 223

Multiple Choice

The statement,"My iPhone is worth $700" represents money's function as

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

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Definitions:

Gain From Trade

Refers to the increase in output and consumption that countries experience through specialization and exchange of goods and services.

Production Possibilities Frontier

An illustration that represents the utmost production capabilities for any two commodities, based on a combination of inputs like resources and additional elements.

Self-sufficiency

The ability of an individual, household, or nation to meet all their needs without external assistance.

Opportunity Cost

The price paid for not choosing the next most favorable opportunity when making a choice or decision.