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Around the world oil is priced consistently in United States dollars. In economic terms this is an example of:
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Around the world oil is priced consistently in United States dollars. In economic terms this is an example of:

User Yichong
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23 votes

Answer: unit of account

Step-by-step explanation:

The unit of account is function of money which refers to the standard monetary unit of measurement of a good or service.

Since oil is priced consistently in United States dollars around the world, this means that dollars is the standard monetary unit of measurement and is therefore, the unit of account.

User Eblume
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