When economists refer to the role of money as a standard of deferred payment, they mean that
A)payments by checks are usually deferred until the checks clear the bank.
B)money earns interest while loan payments are deferred.
C)money provides a standard for payments that will occur in the future.
D)money today is worth less than money tomorrow.

Question

Quizplus · Accepted Answer

The role of money as a standard of deferred payment means that it provides a reliable and consistent standard for making payments that will occur in the future, such as loans, mortgages, and other financial agreements. Money serves as a unit of account and a measure of value that helps individuals and businesses plan for future payments and obligations.

When Economists Refer to the Role of Money as a Standard