When a Consumer Compared the Price of a Tablet with the Price

question 242

Multiple Choice

When a consumer compared the price of a tablet with the price of a laptop, she discovered the laptop was more expensive. This is an example of using money as

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

---

Definitions:

Third Party

An individual or group besides the two primarily involved in a transaction or legal case.

Undisclosed Principal

A party in a contract whose identity is not revealed to the third party by the agent, allowing the principal to conduct transactions anonymously.

Limited Partners

Investors in a partnership who are not involved in the day-to-day management of the business and whose liability is limited to the amount they have invested.

Insanity

When a person cannot understand the nature or consequences of his acts.