Money Is Often Said to Be "Socially Defined

question 81

Multiple Choice

Money is often said to be "socially defined." What does this mean?

• A)That parliament has defined what money is.
• B)That society defines what money is in terms of what it deems acceptable.
• C)That the money supply includes all public and private securities purchased by society.
• D)That only the Bank of Canada can supply money and this bank is owned by the public.
• E)That a nation's money supply must be backed by something socially acceptable such as gold.

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Definitions:

Chameleon Effect

The unconscious mimicry of the postures, mannerisms, facial expressions, and other behaviors of one's interaction partners, enhancing social connection.

Social Loafing

A phenomenon in group settings where individuals reduce their effort because they believe others will pick up the slack.

Group Polarization

The tendency for a group to make decisions that are more extreme than the initial inclination of its members, especially after group discussions.

Racially Prejudiced

Holding prejudgments or hostile attitudes towards individuals of a different race based on stereotypes and biases.