Prices are invariably quoted in terms of money. This refers to the function of money as a:

medium of exchange.

unit of account.

store of value.

standard of deferred payment.

Which of the following isnotcorrect?

Money is used as a payment in transactions.

When people buy a good, they pay with something that is accepted by everybody in society as a medium of exchange.

When people buy a good, it is never possible to pay for it with another good.

Gold has served as money in the past.

Judging by the items included in M1, M1 refers to the function of money as a:

medium of exchange.

unit of account.

measure of value.

store of value.