If the prices of goods and services are stated in terms of kilograms of salt, then salt is
A)a unit of account.
B)a standard of deferred payment.
C)a store of value.
D)quasi-money.
E)a medium of exchange.

Question

Quizplus · Accepted Answer

If goods and services are priced in terms of kilograms of salt, then salt is being used as a unit of account, which is a monetary function that involves using a standard measure to represent the value of goods and services.

If the Prices of Goods and Services Are Stated in Terms