In the POW camps during World War II, cigarettes fulfilled the functions of money because they acted as a: Instructions: In order to receive full credit, you must make a selection for each option. For correct answer(s), click the option once to place a check mark. For incorrect answer(s), click the option twice to empty the box. medium of exchange in that the cigarettes could be exchanged for staple foods, chocolate, or anything else the POWs might have and offer for trade. unit of account in maintaining a constant price. store of value in that prisoners could save them up and smoke them. store of value in that prisoners could save up many cigarettes and trade them in for large purchases. medium of exchange in that cigarettes were needed by smokers because they are addictive. unit of account in allowing relative values to be read from prices.

In the POW camps during World War II, cigarettes fulfilled the functions of money because they acted as a: Instructions: In order to receive full credit, you must make a selection for each option. For correct answer(s), click the option once to place a check mark. For incorrect answer(s), click the option twice to empty the box. medium of exchange in that the cigarettes could be exchanged for staple foods, chocolate, or anything else the POWs might have and offer for trade. unit of account in maintaining a constant price. store of value in that prisoners could save them up and smoke them. store of value in that prisoners could save up many cigarettes and trade them in for large purchases. medium of exchange in that cigarettes were needed by smokers because they are addictive. unit of account in allowing relative values to be read from prices.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Concept explainers

Required Reserve and Excess Reserve Analysis

A required reserve is an amount of cash that banks must keep with themselves, which is certain percentage of the deposits made by their customers. Required reserve is a percentage of the bank's deposits that the respective bank must have on each overnight. The percentage rate is set and determined by the nation’s central bank. It is important to have such funds accumulated to meet its uncertain obligations, sudden liabilities and withdrawals. Required reserve is also known as reserve ratio. Reserve ratio is an important tool to control the money supply.

Question

In the POW camps during World War II, cigarettes fulfilled the functions of money because they acted as a:
Instructions: In order to receive full credit, you must make a selection for each option. For correct answer(s), click the option once to
place a check mark. For incorrect answer(s), click the option twice to empty the box.
medium of exchange in that the cigarettes could be exchanged for staple foods, chocolate, or anything else the POWs might have and offer
for trade.
unit of account in maintaining a constant price.
store of value in that prisoners could save them up and smoke them.
store of value in that prisoners could save up many cigarettes and trade them in for large purchases.
medium of exchange in that cigarettes were needed by smokers because they are addictive.
unit of account in allowing relative values to be read from prices.

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