Prisoners Sometimes Determine a Single Good to Be Used as Money.This

question 20

Multiple Choice

Prisoners sometimes determine a single good to be used as money.This good becomes

• A)a medium of exchange and a unit of account.
• B)a medium of exchange,but not a unit of account.
• C)a unit of account,but not a medium of exchange.
• D)neither a unit of account nor a medium of exchange.

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Definitions:

Demand Schedules

Tabulated data showing the quantity of a good or service that consumers are willing and able to purchase at different price levels over a specified period of time.

World Price

The global market price of a good or service, influenced by worldwide demand and supply.

Free Trade

Free trade is an economic policy that allows goods and services to be bought and sold across international borders with little to no government tariffs, quotas, subsidies, or prohibitions to inhibit their exchange.

Domestic Supply

The total amount of goods and services produced within a country's borders available for consumption or export.