The unit of account
A) is an accounting of the total units of goods and services produced in an economy.
B) is an agreed measure for stating the prices of goods and services in an economy.
C) is a type of accounting of how many currency units there are in an economy.
D) is a type of value stored within all assets.

Question

Quizplus · Accepted Answer

The unit of account is an agreed measure for stating the prices of goods and services in an economy, meaning its primary purpose is to serve as a standard for measuring and comparing the value of different goods and services. While it is related to currency, it is not a type of accounting of how many currency units there are in an economy, nor is it a type of value stored within all assets.

The Unit of Account