Question

On the island of Saucy , the local money is called "Noodley." The price of every good in Saucy is expressed as the number of Noodley needed to buy the good. The use of Noodley to express the price of goods describes which function of money?

Answer 1

Answer:

The correct answer is -  A Measure of Value.

Explanation:

Money is the currency that is used by people to purchasing or selling goods and services. Money is required and important to barter with each other, meaning that each party has a specific good or service that the other need or wishes to have. Money serves various functions:

- A Medium of Exchange: money is used to exchange the service or goods between two parties.

- A Measure of Value: it is also used to price of every good or service is expressed as the number of money which is noodley here, needed to buy the good.

- A Unit of Account: loss and profit is based on this.

There are many other functions, but here it is expressed as a measure of value.