Whatever serves as a medium of exchange is:
A)money.
B)money,as long as it is also the best such medium of exchange available.
C)money,as long as it is not also a commodity.
D)money,as long as it is not also legal tender.
E)not money,unless it continues to be backed by its issuing institution.

Question

Whatever serves as a medium of exchange is:​
A)money.
B)money,as long as it is also the best such medium of exchange available.
C)money,as long as it is not also a commodity.
D)money,as long as it is not also legal tender.
E)not money,unless it continues to be backed by its issuing institution.

Quizplus · Accepted Answer

The definition of money is that it serves as a medium of exchange. Therefore, anything that serves as a medium of exchange is considered money.

Whatever Serves as a Medium of Exchange Is:​

Whatever Serves as a Medium of Exchange Is: