You Saved $500 in Currency in Your Piggy Bank to Purchase

question 71

Multiple Choice

You saved $500 in currency in your piggy bank to purchase a new laptop. The $500 you kept in your piggy bank illustrates money's function as a _______. The laptop's price is posted as $500. The $500 price illustrates money's function as a _____. You use the $500 to purchase the laptop. This transaction illustrates money's function as a ______.

• A)store of value, medium of exchange, unit of account
• B)store of value, unit of account, medium of exchange
• C)medium of exchange, unit of account, store of value
• D)medium of exchange, store of value, unit of account

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Definitions:

Unionization

The process by which workers join together to form a union in order to negotiate collectively with their employer for better wages, benefits, and working conditions.

MRP Curve

The Marginal Revenue Product curve shows the additional revenue generated by employing one more unit of input or labor.

Wage Rate

The standard amount of pay given for work performed, typically expressed per hour, day, or piece.

Equilibrium

A balance between market demand and supply, resulting in steady prices.