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yuradex [85]
2 years ago
8

Which of the following is not a characteristic of money?

Business
1 answer:
Llana [10]2 years ago
7 0

Answer:

This question is incomplete, here are the missing answers:

<em>a. medium of exchange</em>

<em>b. unit of account</em>

<em>c. backed by a precious metal</em>

<em>d. store of value</em>

<u>The answer is </u><u>c.</u>

Explanation:

Money has three general functions (characteristics):

- <em>medium of exchange</em> - Mainly created as the substitute of barter, money has the elementary use as an intermediary when exchanging goods or services.

- <em>unit of account</em> -  In order to compare the value of certain goods and services, it is essential to measure them. This is where money applies as unit of account.

- <em>store of value </em>- Given that the money is stable (purchasing power and limited inflation), it is a general option for storing value. That means it can always be easily exchanged into goods or services, no matter the time.

According to basic elimination, <u>c. is the correct answer</u>. Also, it is also known that <em>backing money with gold</em> or silver reserves is an old practice which is irrelevant for most currencies nowadays. Today, the government is backing up the value of its currency. Such money is called <em>fiat money</em>.

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