Indicate which of the functions of money (a medium of exchange, a unit of account, and a store of value) each of the following performs in the U.S. economy. Check all that apply. Medium of ExchangeUnit of AccountStore of ValueU.S. dollar bill    British pound    Picasso painting    Plastic credit card     Given your answers to the previous task, indicate whether each of the following is considered money in the U.S. economy. MoneyYesNoU.S. dollar bill   British pound   Picasso painting   Plastic credit card

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Asked Nov 9, 2019
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Indicate which of the functions of money (a medium of exchange, a unit of account, and a store of value) each of the following performs in the U.S. economy. Check all that apply.
 
Medium of Exchange
Unit of Account
Store of Value
U.S. dollar bill
 
 
 
 
British pound
 
 
 
 
Picasso painting
 
 
 
 
Plastic credit card
 
 
 
 
 
Given your answers to the previous task, indicate whether each of the following is considered money in the U.S. economy.
 
Money
Yes
No
U.S. dollar bill
 
 
 
British pound
 
 
 
Picasso painting
 
 
 
Plastic credit card
 
 
 
 
 
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Expert Answer

Step 1

A medium of exchange is an instrument that is used in intermediate or a system that is used to facilitate purchase, sale or trade of goods and services between parties. It must represent as a standard of value.

A unit of account is a standard unit of measurement of the market value of goods and services and other transactions.

To be a store of value, money must be reliably stored, saved and can be retrieved. It needs to be stable as well.

Step 2

The functions of money (a medium of exchange, a unit of account, and a store of value) each of the following performs in th...

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Medium of Exchange Unit of Account Store of Value Yes Yes U.S. dollar bill Yes No Yes British pound No No Yes Picasso painting No No Plastic credit card No No

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