Aplia Homework: Money and the Financial System 2. A history of money Historically, money has not always been of uniform quality. For example, diamonds were often used as a form of money, but every diamond is different. What problem occurs when money is not of a uniform quality? O People will hoard high-quality money and spend low-quality money. As a result, the money used in transactions will be of inferior quality. O People will turn to commodity money if they don't trust paper money. O People will rely on barter rather than accept money as payment. Coins were an important monetary invention because: O Their value may be counted rather than measured O They can be used in vending machines O They are intrinsically valuable if they are made from precious metals like silver or gold Cattle can be used as money but can also be slaughtered for food. Cattle are an example of: O Commodity money O Representative money O Fiat money

Aplia Homework: Money and the Financial System 2. A history of money Historically, money has not always been of uniform quality. For example, diamonds were often used as a form of money, but every diamond is different. What problem occurs when money is not of a uniform quality? O People will hoard high-quality money and spend low-quality money. As a result, the money used in transactions will be of inferior quality. O People will turn to commodity money if they don't trust paper money. O People will rely on barter rather than accept money as payment. Coins were an important monetary invention because: O Their value may be counted rather than measured O They can be used in vending machines O They are intrinsically valuable if they are made from precious metals like silver or gold Cattle can be used as money but can also be slaughtered for food. Cattle are an example of: O Commodity money O Representative money O Fiat money

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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