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Author Question: A country's current account A) balance equals the change in its net foreign wealth. B) balance ... (Read 157 times)

craiczarry

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on: Jun 30, 2018
A country's current account
 
  A) balance equals the change in its net foreign wealth.
  B) balance equals the change in its foreign wealth.
  C) surplus equals the change in its foreign wealth.
  D) deficit equals the change in its foreign wealth.
  E) balance equals its GNP.

Question 2

What are the main functions of money?
 
  What will be an ideal response?


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cupcake16

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Reply #1 on: Jun 30, 2018
Answer to Question 1

A

Answer to Question 2

Money serves in general three important functions: a medium of exchange; a unit of account; and a store of value. As a medium of exchange, money avoids going back to a barter economy, with the enormous search costs connected with it. As a unit of account, the use of money economizes on the number of prices an individual faces. Consider an economy with N goods, then one needs only (N - 1 ) prices. As a store of value, the use of money in general ensures that you can transfer wealth between periods.


craiczarry

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Reply #2 on: Jun 30, 2018
Thank you :)


cupcake16

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Reply #3 on: Jun 30, 2018
Happy to help you


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