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11. When economists say that money serves as a medium of exchange, they mean that...

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11. When economists say that money serves as a medium of exchange, they mean that it is: A) used to make future payments. B) used to provide liquidity benefits to the parties engaged in economic transactions. C) used as a unit of account for making comparisons. 12. Mr. X buys 10 packs of cigarettes from Mr. Y. Mr. Y said to Mr. X please give me $100 in cash not in kind. Here money serves the purpose of: a) the medium of exchange. b) store of value. c) the standard for deferred payments. d) all of these. 13. Emily keeps at least $200 in her checking account for food and gasoline purchases. This is an example of money functioning as a: A. standard of deferred payment. B. unit of account. C. store of value. D. medium of exchange. 14. Can you name an item that is a store of value but is not considered money in general? Why is that the case? Explain your

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