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In the bar, Professor Franz is able to compare the price of a glass of Gewurztraminer and a glass of Riesling, because their prices are listed in U
In the bar, Professor Franz is able to compare the price of a glass of Gewurztraminer and a glass of Riesling, because their prices are listed in U.S. dollars. This example demonstrates the function of money as medium of exchange. unit of account. store of value. raising the utility.
Expert Solution
Answer -
Option (Unit of account) is correct.
Explanation -
In the given example, professor Franz is able to compare both classes which prices are listed in the same unit of account i.e in dollar value.
Unit of account means price of different commodities are given in the form of same currency.so their price comparison becomes very easy.If the prices are given in different currency then it requires to convert in one currency for making comparision of prices of goods.
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