Question

2. The medium-of-exchange function means that money is used: a. as the common denominator of prices. b. as the common denominator of future payments. c. to pay for goods and services. d. to accumulate purchasing power.

          2. The medium-of-exchange function means that money is used:
a. as the common denominator of prices.
b. as the common denominator of future payments.
c. to pay for goods and services.
d. to accumulate purchasing power.

Added by Carla T.

Principles of Economics

Gregory Mankiw 8th Edition

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This means that option c, "to pay for goods and services," is the Show more…

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The medium-of-exchange function means that money is used: a. as the common denominator of prices. b. as the common denominator of future payments. c. to pay for goods and services. d. to accumulate purchasing power.