$14$

Multiple Choice

$2\mathrm{.}7$ points

To function as money, something must hold its purchasing power over time. That is$,$ it must be a

store of value.

standard of deferred payment.

unit of accounting.

medium of exchange.

$15$

Multiple Choice

$2\mathrm{.}7$ points

For something to serve as money, it must be

backed by the authority of the government.

generally accepted by buyers and sellers.

light, durable, and common.

convertible to gold.

Multiple Choice

$2\mathrm{.}7$ points

A highly liquid asset

has high transaction costs associated with its sale.

must be held for a substantial period of time.

generally has a very limited market for its resale.

can be disposed of easily without loss of value.