Question

In a less-developed economy, cattle is widely accepted as payment for goods and services. Nearly all goods and services are priced in terms of cattle; however, cows vary in quality, become less valuable with age, and are difficult to move over long distances. Which of the following functions of money do cattle provide? Select the two correct answers.
medium of exchange

portability

unit of account


uniformity

store of value

Answer 1

The functions of money that are provided by the cattle include "medium of exchange" and "unit of account"

• Medium of exchange simply means that when people buy goods, a cow can be used in exchange for the goods bought.

• Also, the goods can be priced in terms of a cow which makes it serves as a unit of account. It should be noted that cow isn't portable and isn't uniform as some are bigger than others.

In conclusion, the correct options are A and C.

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