Which are functions of money? Select the three correct answers.
what are the options kid ????
1. Medium of exchange: Money can be used for buying and selling goods and services. ...
2. Unit of account: Money is the common standard for measuring relative worth of goods and service.
3. Store of value: Money is the most liquid asset (Liquidity measures how easily assets can be spent to buy goods and services).
Which are functions of money? Select the three correct answers.
A.
store of value
B.
producer of resources
C.
unit of account
D.
medium of exchange
E.
record of finances
F.
unit of output
The correct functions of money are:
A. Store of value
C. Unit of account
D. Medium of exchange
What is the main advantage of using money instead of bartering?
A.
Things that people usually trade have very little value to anyone.
B.
Not all countries use the same types of money in their economies.
C.
Money comes in many different values to pay for goods and services.
D.
People do not have to have a good or a service that another person wants.
D. People do not have to have a good or a service that another person wants. This is the main advantage of using money. In a barter system, people would need to find someone who has what they want and is willing to trade for what they have. Money allows people to exchange goods and services with a common medium of exchange, making transactions much easier.
what are all the answer for the text: building on economics basics unit text
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Assessment Summary
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Based on the given summary, the individual has answered 2 items and has 25 unanswered items in the assessment.
What is it called when prices rise at a high rate?
A.
interest rate
B.
net export
C.
inflation
D.
taxes
C. Inflation refers to the phenomenon of prices rising at a high rate.
Which of these events would most likely lead to a rise in interest rates for home mortgages?
A.
The prices of homes for sale in a certain city rise by a great deal.
B.
Many new lenders begin offering home mortgages.
C.
Home sales increase greatly for several months in a row.
D.
The average time needed to sell a house doubles.
Rohan has $100.00 that he wants to save in a bank. Bank A offers two types of savings accounts. One has a 5% simple interest rate, and the other has a 4.8% compound interest rate. Bank B also offers two types of savings accounts. One has a 3% simple interest rate, and the other has a 4% compound interest rate.
Use the passage to answer the question.
Which account should Rohan choose in order to earn the most interest after leaving the account open for 5 years?
A.
Bank A simple interest account
B.
Bank A compound interest account
C.
Bank B simple interest account
D.
Bank B compound interest account
Jayden opens a savings account with $100.00. His account earns 4% simple interest annually. How much money will be in his account one year later if he makes no deposits or withdrawals?
A.
$96.00
B.
$100.00
C.
$104.00
D.
$148.00
The answer to the first question is A. The prices of homes for sale in a certain city rise by a great deal can lead to a rise in interest rates for home mortgages.
The answer to the second question is B. Rohan should choose Bank A compound interest account to earn the most interest after leaving the account open for 5 years.
The answer to the third question is C. After 1 year, the balance in Jayden's account will be $104.00.
What is the most likely effect on a person's income if he or she has little education and few skills?
A.
The person's income will vary greatly.
B.
The person will earn a high income.
C.
The person's income will decline over time.
D.
The person will earn a low income.
Which of these is a non-monetary positive incentive for entrepreneurs?
A.
the need to hire and train workers
B.
the risks of starting a new enterprise
C.
the satisfaction of creating new products
D.
the responsibilities of running a business
Which of these people is an example of an entrepreneur?
A.
Malia started selling jewelry she made in an online store.
B.
Liam found a summer job walking dogs in his neighborhood.
C.
Pavel worked hard to learn to speak a foreign language.
D.
Ophelia took classes in painting and drawing at an art center.
Which of these actions would most help a worker improve her productivity?
A.
finding a new job in a different field
B.
taking a training course related to her job
C.
buying a laptop computer for home use
D.
asking her employer to give her a raise
The answer to the first question is D. The person will earn a low income if he or she has little education and few skills.
The answer to the second question is C. The satisfaction of creating new products is a non-monetary positive incentive for entrepreneurs.
The answer to the third question is A. Malia started selling jewelry she made in an online store is an example of an entrepreneur.
The answer to the fourth question is B. Taking a training course related to her job would most help a worker improve her productivity.
What increases when productivity increases?
A.
gross domestic product
B.
interest rates on loans
C.
national unemployment rates
D.
interest rates on savings
Pete's Peanuts wants to grow its overall productivity. Which investment would best help the company achieve this goal?
A.
a larger building to store its peanuts
B.
better advertisements for its products
C.
new uniforms for company employees
D.
an improved roasting and canning machine
Deepak’s city has grown quite a lot over the past ten years. The city council has been discussing the need for a second fire department so that one would serve the northern part of the city and the other would serve the southern part. The city doesn’t have much room in the budget, so some people have suggested privatizing the fire department. However, others argue that it’s critical, that this would not work, and that it should be a public service.
Use the passage to answer the question.
Why would it be best for the new fire department to be provided as a public service?
A.
Fire departments are too expensive for entrepreneurs to provide.
B.
Demand for the fire department is greater than its supply.
C.
The service should remain unlimited and accessible to all.
D.
Not many people are interested in using the service.
Which of these is a source of only federal tax revenue?
A.
payroll taxes
B.
property taxes
C.
sales taxes
D.
income taxes
What is the most likely result of new U.S. government programs beginning without any budget to pay for them?
A.
Citizens in the future will have fewer services or higher taxes.
B.
Politicians will have less chance of being re-elected to office.
C.
Americans will offer to pay higher taxes to balance the budget.
D.
Goods and services will continue to become more expensive.
What is the best definition of gross domestic product, or GDP?
A.
money paid to the government in taxes to support public goods and services
B.
the value of all goods and services produced within domestic borders
C.
the value of exports minus the total value of imports
D.
a period of decline in overall income and employment
The answer to the first question is A. Gross domestic product increases when productivity increases.
The answer to the second question is D. An improved roasting and canning machine would best help Pete's Peanuts achieve overall productivity growth.
The answer to the third question is C. The service should remain unlimited and accessible to all is the reason why the new fire department should be provided as a public service.
The answer to the fourth question is D. Income taxes are a source of only federal tax revenue.
The answer to the fifth question is A. Citizens in the future will have fewer services or higher taxes is the most likely result of new government programs beginning without any budget to pay for them.
The answer to the last question is B. Gross domestic product, or GDP, is the value of all goods and services produced within domestic borders.
In a circular flow diagram, what flows from households to businesses?
A.
income
B.
land
C.
expenditures
D.
goods
What does a rise in per capita GDP indicate?
A.
increased productivity
B.
better trade deals
C.
more bank loans
D.
increased population
Mr. Lee received a raise at a job this year, but he finds that he has less money to spend each month even though his spending habits are the same. What is the most likely reason for this situation?
A.
The supply of goods and services has risen.
B.
Unemployment has dropped across the country.
C.
Mr. Lee is not tracking his finances.
D.
Inflation was greater than Mr. Lee's raise.
Which of these are factors in determining whether a person is counted in the unemployment rate? Select the two correct answers.
A.
whether the person is actively looking for a job
B.
whether the person has been employed for five or more years
C.
whether the person has the skills needed to find a job
D.
whether the person is willing and able to work
E.
whether the person is over 21 years of age
New technology has made most of the jobs workers do at a particular factory obsolete, and they are laid off. Which type of unemployment are they experiencing?
A.
structural
B.
casual
C.
frictional
D.
cyclical
Which type of investment are stocks?
A.
lending
B.
ownership
C.
cash equivalent
D.
interest
Which is an example of an oligopoly?
A.
many different soap companies giving consumers choices
B.
a few soda companies competing for business
C.
one shipping company with no competition
D.
several grocery stores stocking different items
If the price of stock falls dramatically but an investor thinks it will go up again, what is the investor likely to do?
A.
trade shares
B.
sell shares
C.
buy shares
D.
do nothing
Eddie has a credit card on which he makes monthly payments and tries not to carry a balance. What kind of credit is this? Select the two correct answers.
A.
non-revolving
B.
revolving
C.
secured
D.
unsecured
E.
flexible
Riya recently bought a new phone. She was taking a photo of her sister when she dropped the phone in the pool. The company that made the phone told her they wouldn’t replace it. Riya decides to call her credit card company to find out if they can help.
Use the passage to answer the question.
Which advantage of credit is Riya seeking to use?
A.
emergencies
B.
purchase power
C.
building a credit line
D.
protection of purchases
What is a regular car payment an example of?
A.
fixed expense
B.
variable expense
C.
interest
D.
ownership investment
The answer to the first question is C. Expenditures flow from households to businesses in a circular flow diagram.
The answer to the second question is A. A rise in per capita GDP indicates increased productivity.
The answer to the third question is D. Inflation was greater than Mr. Lee's raise is the most likely reason why Mr. Lee has less money to spend each month despite receiving a raise.
The answer to the fourth question is A and D. Factors in determining whether a person is counted in the unemployment rate include whether the person is actively looking for a job and whether the person is willing and able to work.
The answer to the fifth question is A. Workers experiencing unemployment due to new technology that has made most of their jobs obsolete are facing structural unemployment.
The answer to the sixth question is B. Stocks are an example of ownership investment.
The answer to the seventh question is B. A few soda companies competing for business is an example of an oligopoly.
The answer to the eighth question is C. When the price of a stock falls but an investor thinks it will go up again, the investor is likely to buy shares.
The answer to the ninth question is A and B. A credit card on which a person makes monthly payments and tries not to carry a balance is an example of non-revolving and revolving credit.
The answer to the tenth question is D. Riya is seeking to use the advantage of protection of purchases offered by her credit card.
The answer to the eleventh question is A. A regular car payment is an example of a fixed expense.
Which are functions of money? Select the three correct answers.
A.
store of value
B.
producer of resources
C.
unit of account
D.
medium of exchange
E.
record of finances
F.
unit of output
The correct functions of money are:
A. Store of value
C. Unit of account
D. Medium of exchange