The four most fundamental factors that affect the cost of money are (1) production opportunities, (2) time preferences for consumption, (3) risk, and (4) the skill level of the economy's labor force.
Is this statement true or false?
Money is any item that is used in the exchange of goods and services. The three types of money are commodity money, representative money, and fiat money. Money's most prominent role is serving as a medium of exchange.
Answer and Explanation:
This statement is false. The skill level of the economy's labor force is not among the four factors that determine the cost of money. The four most...
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fromChapter 11 / Lesson 4