To the Extent That the Value of Money Is Less

question 66

Multiple Choice

To the extent that the value of money is less predictable, it becomes

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

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Definitions:

AP

Advanced Placement, a program in the United States and Canada offering college-level curriculum and examinations to high school students.

AVC

Average Variable Cost; the total variable costs divided by the number of units produced, indicating the variable expense per unit of output.

MP

Marginal Product, which refers to the increase in output that results from employing an additional unit of input, holding all other inputs constant.

Average Fixed Cost

Average Fixed Cost refers to the total fixed costs (costs that do not change with the level of output) divided by the quantity of output produced. It decreases as production increases.