For a Commodity or Token to Be Money It Must

question 145

Multiple Choice

For a commodity or token to be money it must

• A)be accepted in exchange for all other goods and services.
• B)have a double coincidence of wants.
• C)be backed by government precious metals,like gold.
• D)be paper.
• E)be issued by the government or a government agency.

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Definitions:

Extinction

In psychology, the process through which a conditioned response decreases in frequency and eventually disappears as a result of the withdrawal of reinforcement.

Contingency

The relationship between two events, one being contingent or a consequence of the other's occurrence.

Contiguity

The principle stating that events occurring close together in time or space are readily associated with each other.

Unconditioned Stimulus

In the process of classical conditioning, a stimulus instinctively and effortlessly elicits a reaction without the need for any previous learning.