1.13 Read the following extract and answer the question that follows. Yes, SANParks can refuse to take your cash, says the Reserve Bank At the start of September, South African National Parks (SANParks) ill stop accepting cash payments at the entrances, and inside, some of its parks, a policy to be implemented across every national park during 2023. And that is quite alright, says the SA Reserve Bank, as custodian of the rules intended to manage the currency. SanParks announced its roadmap for going cash free – both for the convenience of visitors and for reasons of safety – on Wednesday. Source: https://www.businessinsider.co.za/sanparks-is-legally-allowed-to-refuse-cash-reserve-bank-says-2021-8 Accessed: 23/08/21 The impact of the above decisions by SANParks will have its impact on... a) .the M1 measure of money. b) .the M2 measure of money. c) .the M3 measure of money. d) .the number of notes and coins in circulation in the economy.
1.13 Read the following extract and answer the question that follows. Yes, SANParks can refuse to take your cash, says the Reserve Bank At the start of September, South African National Parks (SANParks) ill stop accepting cash payments at the entrances, and inside, some of its parks, a policy to be implemented across every national park during 2023. And that is quite alright, says the SA Reserve Bank, as custodian of the rules intended to manage the currency. SanParks announced its roadmap for going cash free – both for the convenience of visitors and for reasons of safety – on Wednesday. Source: https://www.businessinsider.co.za/sanparks-is-legally-allowed-to-refuse-cash-reserve-bank-says-2021-8 Accessed: 23/08/21 The impact of the above decisions by SANParks will have its impact on... a) .the M1 measure of money. b) .the M2 measure of money. c) .the M3 measure of money. d) .the number of notes and coins in circulation in the economy.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Transcribed Image Text:1.13 Read the following extract and answer the question that follows.
Yes, SANParks can refuse to take your cash, says the Reserve Bank
At the start of September, South African National Parks (SANParks) ill stop accepting cash payments at the
entrances, and inside, some of its parks, a policy to be implemented across every national park during 2023.
And that is quite alright, says the SA Reserve Bank, as custodian of the rules intended to manage the currency.
SanParks announced its roadmap for going cash free – both for the convenience of visitors and for reasons of
safety – on Wednesday.
Source: https://www.businessinsider.co.za/sanparks-is-legally-allowed-to-refuse-cash-reserve-bank-says-2021-8
Accessed: 23/08/21
The impact of the above decisions by SANParks will have its impact on...
a) .the M1 measure of money.
b) .the M2 measure of money.
c) .the M3 measure of money.
d) .the number of notes and coins in circulation in the economy.
Expert Solution
Step 1
Cashless society:-
A cashless economy is an economical situation in which economic transactions are carried out without using tangible notes and coins, but via the exchange of digital data (generally an automated depiction of cash) between the people concerned.
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