Question: According to Austrian economics money is: a. An indirect medium of exchange b. A standard of value c. An indirect medium of exchange and standard

According to Austrian economics money is:
a. An indirect medium of exchange
b. A standard of value
c. An indirect medium of exchange and standard of value
d. A store of standard of value and a standard value

Step by Step Solution

★★★★★

3.39 Rating (161 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

Option C is correct explanation According to Austrian econo... View full answer

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Economics Questions!

Using at least two individual consumers, show how the market demand curve is derived from individual demand curves (a) for a private good and (b) for a public good. Once you have derived the market...

Explain Emerson's philosophy of self-reliance, using at least two examples from other readings.

Part of our discussion of macroeconomics has been considering how the economy ought to be measured. This week in class we talked in detail about the use of Gross Domestic Product (GDP). We have also...

Microeconomics E6. A German exporter wants to hedge an outflow of NZD 1m. She decides to hedge the risk with a DEM/USD contract and a DEM/AUD contract. The regression output is, with the tstatistics...

provide sources of your answers a) Define the concept of "money". b) What are the essential functions of money? c) Is it possible to establish a connection between "money in the utility function" and...

4) The Austrian economics perspective pays attention to knowledge and the subjective foundation of economic value. Use the articles/findings by Hayek and Koppl to explain the Austrian view of...

Hi, could you help write reflective journey on the school of thought "Marxian and Austrian Economics" ? Your reflective journal practice should consider some or all of the following: 0 Does this...

Quiz #4 1. According to the Keynesian model, whenever the economy is out of equilibrium, inventories begin to change. The Keynesian assumption is that management will always respond by changing (2...

The initial years after the Financial Crisis saw inflation in the UK stubbornly hovering well above the 2.0 per cent target, before slowing considerably and languishing around zero throughout 2015...

According to the Austrian school, the most appropriate government response to an economic recession is to: A. allow the market to adjust naturally. B. maintain steady growth in the money supply. C....

Q1. Determine the bending strain energy in the beam. All members are made of aluminum Alloy 7075-T6 and have a square cross section 60 mm by 60 mm. 6 kN/m 2.5 m 5m

1. Analyze each revenue recognition technique identified in the audit committee investigation and explain whether each technique violates revenue recognition rules in accounting. Evaluate the...

Which of the following types of ratios reveal the ability of a hospitality business to meet its short - term obligations?Question 4 9 Select one:A . asset turnover ratiosB.liquidity ratiosC.activity...

Analyze the information presented in the following general ledger account of Mantle Manufacturing Co., which has three departments: Shaping, Forming, and Finishing: Additional facts: a. 2,000 units...

Roberts Corporation uses a process cost system. The records for the month of May show the following information: Required: Prepare a cost of production summary for eachdepartment. Production Report...

Edgeworth Box Corporation manufactures two types of cardboard boxes used in shipping canned food, fruit, and vegetables. The canned food box (type C) and the perishable food box (type P) have the...

Problem 21-5 presents the balance sheet of St. John Corporation as of year-end 2015. Assume that the company is not able to service its debts and is unable to secure any significant restructuring...

The following is a partial audit program for the audit of sales transactions. 1. Foot the sales journal for one month and trace the postings to the general ledger. 2. Vouch entries in sales journal...

The average bedroom in an apartment is approximately 16'x10' with an eight-foot ceiling. As an interior decorator that loves the 1970's decor, you need to cover the walls with groovy flowered...

Hi, could you help draw concept map on the school of thought "Marxism and Austrian Economics" Marxism Major assumptions: 1. There are two principal classes in the society a. Bourgeoisie b....

One. How will each of the following changes in demand and/or supply affect equilibrium price and equilibrium quantity in a competitive market; that is, do price and quantity increase or decrease, or...

Pfarrer, M.D., & Smith, K.G. 2005. Creative destruction. In M. Hitt & D. Ireland (Eds.), The Blackwell Encyclopedia of Management. Entrepreneurship: 50-52. London: Blackwell. Creative Destruction,...

ANSWER THE FOLLOWING QUESTIONS BASED ON THE ARTICLE BY MR. THOMAS WOODS 1. Explain F A Hayek's theory of "Business Cycle". 2. According to Austrian school, what should be our guiding policy for...

How did early neoliberal intellectuals from the 1930s theorise the relationship between state, market, and individual? 1. Definition of the topic Has the topic been clearly defined and directly...

Please help me with the discussion. Thanks! MARKETS AND THE NORMATIVE PHILOSOPHICAL FOUNDATIONS OF MARKET ECONOMICS WHAT YOU NEED TO DO: IN 500 WORDS OR LESS, please discuss how your understanding of...