Money serves as a unit of account when goods Group of answer choices have a value expressed in the same currency, thus allowing comparisons. have a value expressed in both a fiat money and a commodity money. cannot be assigned a value. have a value expressed in terms of both a commodity money and a commodity-backed money. have a value that changes over time.

Question

Business

Jason Mccall

28 May, 14:26

Money serves as a unit of account when goods Group of answer choices have a value expressed in the same currency, thus allowing comparisons. have a value expressed in both a fiat money and a commodity money. cannot be assigned a value. have a value expressed in terms of both a commodity money and a commodity-backed money. have a value that changes over time.

+1

Answers (1)

Know the Answer?

Cole Dawson · Answer 1

The correct answer is B) have a value expressed in both fiat money and commodity money.

Money serves as a unit of account when goods have a value expressed in both fiat money and commodity money.

There are three basic functions of money as we know it. The first is the basic one. Money serves as a medium of exchange for goods and services. Money stores value and wealth. It also is used as a unit of account. After many years of barter, money changed the way trade was done. It facilitated commerce and the interchange of products. With money as a unit of account, we can compare the costs of producing goods.