Business, 02.06.2020 18:59, sierravick123owr441
The cost of a burger can be expressed in terms of the number of dollars it takes to buy it. Sam paysâ $10 toâ Bessie's Burgers for getting 2 burgers. Bessie's Burgers accepts theâ $10 bill from Sam because of the belief that the bill will still be accepted as a form of payment after a decade.
(a) It is difficult forâ Bessie's Burgers to hire Sam and pay him in the form of burgers.
Define the following:
1. Store of value
2. Medium of exchange
3. Unit of account.
(b) Which of the following statements regarding the types of money isâ true?
A. Modern societies use money that is not backed by a physical commodity.
B. Paper money existed throughout human history.
C. Fiat money is valuable in and of itself.
D. Fiat money was invented in 1000 AD.
Answers: 3
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