For an asset to be a "means of payment," the asset
A) requires a double coincidence of wants.
B) must be able to be used to settle a debt.
C) must be valuable and backed by the government.
D) must be used when bartering.
E) must be valuable and backed by gold.

Question

Quizplus · Accepted Answer

For an asset to be considered a "means of payment," it must be accepted as a way to settle debts. This characteristic allows it to facilitate transactions without the need for a double coincidence of wants, government backing, or being tied to a physical commodity like gold.

For an Asset to Be a "Means of Payment," the Asset