Question
Which are functions of money? Select all that apply. (2 points)
Answers
GPT-4o mini
The primary functions of money include:
1. **Medium of Exchange**: Money facilitates transactions by providing a common medium through which goods and services can be exchanged, avoiding the inefficiencies of barter.
2. **Unit of Account**: Money provides a standard measure of value, allowing individuals and businesses to price goods and services consistently.
3. **Store of Value**: Money can be saved and retrieved in the future, maintaining its value over time (although this can be affected by inflation).
4. **Standard of Deferred Payment**: Money can be used to settle debts and obligations that are payable in the future.
Please select all of these functions that apply.
1. **Medium of Exchange**: Money facilitates transactions by providing a common medium through which goods and services can be exchanged, avoiding the inefficiencies of barter.
2. **Unit of Account**: Money provides a standard measure of value, allowing individuals and businesses to price goods and services consistently.
3. **Store of Value**: Money can be saved and retrieved in the future, maintaining its value over time (although this can be affected by inflation).
4. **Standard of Deferred Payment**: Money can be used to settle debts and obligations that are payable in the future.
Please select all of these functions that apply.